Today, on September 9, gold rates in India fell again for the third day in a row. The price of 22 carat gold is quoted at Rs. 46,000 today, while the 24 carat gold is quoted at Rs. 47,000 per 10 grams. Gold prices in the domestic market have fallen by Rs. 120 for both variants of gold than yesterday's quotations, reflecting the international gold rate trend. As India imports gold from the international markets and does not produce enough gold to meet the country's demands, thereby Indian gold prices are determined by global markets. MCX gold in October future was down by 0.26% as of 2.24 PM IST today. Comex gold rate too only increased by 0.16% at $1796.4, while international spot gold price was up only by 0.28% at $1794.60/oz as of 2.44 PM IST today. However, the US dollar index, was down by 0.12% at 2.44 PM IST today.
Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
Global gold markets are quite down today; investors got impacted by news reports as "most parts represent dovish sentiment both from the European Central Bank and the Federal Reserve." Jim Wyckoff, Senior Market Analysts and Columnist commented, "The safe-haven metals bulls are stymied this week by the fact gold and silver prices have sold off in the face of some heightened risk aversion." This is the third day in a row that gold rates have fallen marginally in the domestic market.
However, today in India gold rates have dropped by Rs. 120 while yesterday the rates dropped by Rs. 290. In the first quarter of 2022, the US Fed might start shrinking the bond-buying process, then the gold rates will drop again. However, the present market rates are only market averages impacted by current political and economic developments. In the long term, gold, as a precious commodity will offer better returns, if the investors buy it at subdued rates now.