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Gold Rates Fall Sharply To Rs. 47,200 In India, Good Time To Buy?

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Indian gold markets are under pressure now, in line with the global markets. The US Federal Reserve is holding a monetary policy meeting at present, and the central bank is going to decide about the upcoming roadmap for the economy. Its decision about the interest rate will influence the commodity markets. In case the Fed decides to raise the interest rate by 50 bps, in line with the anticipations, the gold market will continue to fall. Eventually, this will be profitable for investors in the long term. Today, gold rates plunged by Rs. 200-230/10 grams in the domestic markets in India. The 22 carat gold rate quoted at Rs. 47,200 and 24 carat gold rate quoted at Rs. 51,510/ 10 grams today.

 
Gold Rates Fall Sharply To Rs. 47,200 In India, Good Time To Buy?

Indian gold prices are decided based on daily gold rates in the international markets. On the other hand, the global gold rates are driven by the US Dollar index and the US interest rate. At present, the US Dollar index is bullish after the Russia-Ukraine geopolitical uncertainties. This is pulling the gold prices down. This trend is eventually impacting the Indian gold market. Analysts are hopeful the fact that this will help the retail gold sales to gain. Falling gold rates will be helpful for Indian retail buyers, as it will help them to gain more profits in the long term if they obtain gold now. Along with gold jewelleries, gold ETFs and Digital Gold can also be considered by buyers.

According to the World gold council, in March, retail gold sales dropped sharply in India and China, due to the bullish gold market trend. However, the present bearish trend is expected to help the gold sales to boom in May.

Today, the Comex gold futures were quoted at $1868.20/oz, falling by 0.14%, till last traded. Yesterday it was last quoted at $1870.60/oz. The spot gold prices are quoted at $1867.80/oz, falling by 0.06%, till last traded. On the other hand, the US dollar index in the spot market stood at 103.34, falling by 0.10%. In India, the MCX gold in June future was quoted at Rs. 50,554 grams, falling by 0.50%, till last traded.

Story first published: Wednesday, May 4, 2022, 23:15 [IST]
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