For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Gold Rates Fell In India On December 15, Good Time To Invest?

|

Gold prices in India have fallen by Rs. 240/10 grams after the prices increased by Rs. 370 yesterday. Today, on December 15, 22 carat gold rates are quoted at Rs. 46,910/10 grams and 24 carat gold rates are quoted at Rs. 47,910/10 grams in India. In line with the international trend, gold rates in the domestic markets fell today in India. In Chennai and Bangalore, gold rates have fallen by Rs. 170 and Rs. 250 respectively.

 
Gold Rates Fell In India On December 15, Good Time To Invest?

In the next week, the US Federal Reserve will meet to decide the upcoming monetary policy, after the reappointment of Jerome Powell as Fed Chairman. High inflationary pressures will be at the top of their discussion as the country is dealing with a 40 years high headline inflation. The gold market is reacting in line with that, and rallying up gradually.

However, investors are now a bit uncertain about the monetary policy, and if the Fed takes strict measures the gold rates can fall. Australia and New Zealand Banking Group's (ANZ) senior commodity strategist Daniel Hynes told Kitco News, "The target for the end of the year is $1,600 for gold and $22 for silver. We're not expecting much upside from current levels. The $1,800 level is essentially our Q1 target, which is barely above current levels."

In the upcoming year, it is quite certain that the Fed will hike the interest rate to control inflation. The gold market is not very much volatile at present, but that can change. In the next year with the fall in inflation, gold prices will fall too. Australia and New Zealand Banking Group's (ANZ) senior commodity strategist Daniel Hynes told Kitco News, "We do expect to see some of that (inflation) to ease back a tad as supply bottlenecks ease. But we are starting to see signs that the expected pullback in inflation will be much more subdued than many have anticipated, including the Fed."

 

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)
Mumbai46,910/-47,910/-
Delhi47,150/-51,430/-
Bangalore45,000/-49,100/-
Hyderabad45,000/-49,100/-
Chennai45,190/-49,300/-
Kerala45,000/-49,100/-
Kolkata47,100/-49,800/-

(Also read: What Is Gold ETF? How Is The Gold ETF performing Globally: Should You Invest?)

Today the Comex gold futures fell only by 0.16% and were quoted at $1767.5/oz, while the spot gold prices fell by 0.16%, and were quoted at $1769.3/oz till last traded. Yesterday Comex gold futures closed at $1770.4/oz. Additionally, the US dollar index in the spot market went to 96.52, gained by 0.05%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,086/10 grams, gained only by 0.03%, till last traded.

Read more about: gold rates gold etf
Story first published: Wednesday, December 15, 2021, 17:27 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X