Gold rates in the international market are reacting bearish and the gold prices are falling sharply. In the Indian domestic market, the same trend is being followed, as gold fell by Rs. 270/10 grams today. On December 22, the 22 carat gold rates are quoted at Rs. 47,140/10 grams and 24 carat gold rates are quoted at Rs. 48,140/10 grams in India. Gold rates in Chennai, Hyderabad, and Bangalore have fallen by Rs. 150-170/ 10 grams. Hence, it is a good time to buy gold in India.
Gold rates in the global markets are falling to sustain at the $1800 level for a long time, although the inflation worries are not yet gone. However, the investors are trying to overcome the inflation worries, hence the gold rates are falling sharply every day. Indian gold rates depend on the international price range, the IBJA track the global spot rates to fix domestic price. So, gold prices in India are also falling sharply.
For the last 5 days in a row, gold rates have been falling in India, sharply. The 22 carat gold rate was Rs. 47,720 in India on December 17, which has fallen much below now. It is an affirmative time for gold demand. Additionally, the UK government scientists have concluded that Omicron is milder than Delta, so global concerns about the larger spread of Omicron is also much lesser now, which is leading the gold market towards a bearish trend. Pandemic and inflation have been the two most important factors behind the recent rally of gold prices.
Global gold market analysts are also sounding bearish about the gold market at present. They are estimating that the interest rate hike by the US Fed will impact inflation, and it will be under control. From March 2022, the Fed will hike the interest rate. The prices will fall significantly at that time, but the market has started to react that way from an early period. The support price for gold is around $1780/oz now. However, the US Dollar index is presently moving higher, keeping the gold prices under pressure.
Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
Today the Comex gold futures fell only by 0.11% and were quoted at $1786/oz, while the spot gold prices fell marginally by 0.10%, and were quoted at $1788.4/oz till last traded. Yesterday Comex gold futures closed at $1787.9/oz. Additionally, the US dollar index in the spot market went to 96.56, gained by 0.12%, till last traded. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 47,995/10 grams, fell by 0.15%, till last traded.