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Gold Rates Again Fell In India, In The Last Week Of December: Time To Buy Gold?

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Gold rates in India have mostly been bearish for the last 10 days, while on December 23, gold rates only gained by Rs. 300. However, investors are now anticipating that gold rates will end this year with a bearish trend only. Today, on December 28, Indian gold rates are down by Rs. 20/10 grams. The 22 carat gold rates are quoted at Rs. 47,220/10 grams and 24 carat gold rates are quoted at Rs. 48,220/10 grams. Gold rates in Bangalore, Hyderabad, and Chennai, gold rates have fallen by around Rs. 110/10 grams. With an affordable gold rate, it is a good time to buy gold.

 
Gold Rates Again Fell In India, In The Last Week Of December: Time To Buy Gold?

Gold prices are quite subdued in the international markets in December. However, since the past three days, the precious metal has been able to recover to above the $1800 range, which is affirmative for the market.

Trying to overcome the rising inflationary pressures, traders are now certainly tepid. On the other hand, US Stock indexes are higher at present, which is keeping investors indulged with the equity markets. The US Treasury 10-year note yield is presently fetching around 1.482%, hence the investors are also this government-backed investment.

About the support price of the precious, in a report, Kitco News mentioned, "February gold futures bulls have the overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $1,840.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. The first resistance is seen at the December high of $1,815.70 and then at $1,825.00. First support is seen at $1,800.00 and then at last week's low of $1,785.00."

Additionally, Fahad Tariq, precious metals analyst at the Swiss bank, "Gold prices to average around $1,850 an ounce. Looking to 2023, the bank expects gold prices to fall to $1,600 an ounce and it sees long-term prices hovering around $1,400 an ounce" - Kitco News reported.

Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai47,220/-48,220/-
Delhi47,500/-51,800/-
Bangalore45,350/-49,480/-
Hyderabad45,350/-49,480/-
Chennai45,440/-49,580/-
Kerala45,350/-49,480/-
Kolkata47,400/-50,100/-

Today the Comex gold futures gained by 0.22% and were quoted at $1812.0/oz, while the spot gold prices gained by 0.16, and were quoted at $1815.80/oz till last traded. Yesterday Comex gold futures closed at $1811.2/oz. Additionally, the US dollar index in the spot market went to 96.05. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,160/10 grams, gained only by 0.12%, till last traded.

Read more about: gold rates gold demand inflation
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