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Gold Rates Drop Marginally By Rs. 80 On Sept 3 Ahead Of US Job Data


Gold rates in India on September 3, have fallen by Rs. 80 per 10 grams gold when comapred to the previous day, as international gold prices did not perform well. 22 carat gold rate was quoted at Rs. 46200 per 10 grams while 24 carat gold rate was quoted at Rs. 47200 in India today. On the other hand, MCX gold in October future was up only by 0.29% till 5.43 PM IST today. The gold prices in the global market too did not gain much ahead of the US labor data release, while the Wall Street stocks hit highs. Indian gold rates are determined by IBJA according to the international gold prices, hence the prices fell today in the domestic markets.

Gold Rates Drop Marginally By Rs. 80 On Sept 3 Ahead Of US Job Data

In the first week of August, gold prices fell drastically in the international market after the US labor department released very promising employment data of the previous month, indicating the economy is recovering fast. Now ahead of August employment data of US, global investors are being cautious again and expecting even better jobs data. As the employment scenario will develop, the US Fed will gather confidence to start tapering this year. With tapering, the government will cut asset borrowing, which will lead to a reduction in bond prices and growth in bond yield. Hence the investors will take shelter in government bonds, leaving the precious yellow metal's prices to fall globally. This might not be a good time for gold rates, but it will be a great opportunity for interested buyers to invest in gold. Gold always gives a good return in long term, thereby if people invest in gold when the prices are down, it will eventually give them better profits.

Gold jewellery is created mostly from 22 carat gold, thus buyers have to pay the aforementioned gold rate along with additional GST and making charges. Now the union government is promoting hallmarked gold jewellery for the benefit of buyers that will ensure them the purity of gold. For the jewellers, the deadline for the hallmark has been extended for 3 more months now, but the buyers should be cautious about this factor. This will help them in long term and assure the correct price at the time of resale.

Read more about: gold gold rates gold price india
Story first published: Friday, September 3, 2021, 18:18 [IST]
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