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Gold Rates Are Acting Steady In Indian Domestic Markets, In Mid-January

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Gold rates in the international markets are now being quoted above the psychological high level, at around $1810/oz. It is a marginally bullish trend, as compared to the last December's fall. Traders are confident about the precious metal's prices now. In line with that, Indian gold rates too are maintaining steady quotations. IBJA is keeping the gold rates surged in the domestic markets this week.

 
Gold Rates Are Acting Steady In Indian Domestic Markets, In Mid-January

Recently, analysts Monica Kingsley commented to Kitco News, "Commodities aren't at all shaken...Even though it might be soothing to the pension funds, inflation rates aren't likely to come down to the usual massaged 2% during the next 2-3 years, no matter whether the Fed hikes by 0.25%, 6 or 8 times. The persistently and unpleasantly 4-5% high CPI is likely to break the mainstream narrative, and stay with us for much longer than generally anticipated, which is only part of the reason why I am looking for gold to leave $1,870s very convincingly in the dust this year." A surged inflation rate will certainly keep the gold rates rallying up.

Along with gold, crude oil is rising in the futures markets, expecting bullish markets further. The key driver is certainly the high retail inflation rate in the USA, at 40 years high range. Pressure of inflation is triggering the assets markets largely, and both oil and gold are also surpassing the US dollar index at present.

Gold prices remained the same as yesterday in the domestic markets, on January 17, 2022. The 22 carat gold prices are quoted at Rs. 47,090/10 grams and 24 carat gold rates are quoted at Rs. 49,090/10 grams, same as the earlier day. However, in Chennai, Hyderabad, Bangalore, and Kerala, gold rates have fallen marginally today.
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)
Mumbai47,090/-49,090/-
Delhi47,140/-51,430/-
Bangalore44,970/-49,070/-
Hyderabad44,970/-49,070/-
Chennai45,320/-49,420/-
Kerala44,970/-49,070/-
Kolkata47,300/-50,000/-


The Comex gold futures fell by 0.26% and were quoted at $1811.7/oz, till last traded. On the earlier day, Comex gold futures closed at $1816.5/oz. The spot gold prices were quoted at $1811.50/oz, fell by 0.48%, till last traded. The US dollar index in the spot market stood at 95.38, surged only by 0.16%. However, in India the MCX gold in February future quoted at Rs. 47,820/10 grams, fell marginally by 0.06%, till last traded.

Read more about: gold price gold india inflation
Story first published: Tuesday, January 18, 2022, 16:46 [IST]
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