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Gold Rates Fell Sharply, Omicron Variant Spreading Rapidly, What Will Be The Impact Further?

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The gold market in India is certainly subdued at present, which is expected to boost the demands data of the current quarter. However, a gain in gold rates will help investors to regain confidence in the precious metal. As the omicron Covid variant is spreading rapidly, more restrictions can be imposed to hamper the economic activities in India. However, healthcare specialists are saying that the said variant is not as harmful as delta. So, the restriction will be not very stringent. With a mixed opinion, gold investors and traders are not being certain about the price ranges of this month. However, if the inflation surges due to the pandemic again, gold rates can marginally rally.

 
Gold Rates Fell Sharply, Omicron Spreading Rapidly, What Will Be The Impact?

Talking about inflation, the precious metal is known as a hedge against inflation. However, from the last month, gold failed to prove its strength as a hedge against inflation, and fell significantly, although inflation surged globally. This year the US Fed, the country's central bank is expected to hike the interest rate to restrict inflation from gaining more. So, it will be an important analysis to track the gold prices how it moves with the hike in interest rate.

However, to regain its status as the hedge against inflation, the precious metal can perform well, according to some analysts. Kitco News reported, according to Byron Wien, vice chairman of Blackstone's private wealth solutions business, and chief investment strategist Joe Zidle, said in Blackstone's annual 'Ten Surprises of 2022' post, "The price of gold rallies by 20% to a new record high. Despite strong growth in the US, investors seek the perceived safety and inflation hedge of gold amidst rising prices and volatility. Gold reclaims its title as a haven for newly minted billionaires, even as cryptocurrencies continue to gain market share."

Today, Indian gold prices have moved down significantly, by Rs. 370/10 grams, however, in most of the major cities in the country, gold rates have fallen. On January 5, 2022, the 22 carat gold prices are quoted at Rs. 46,890/10 grams and 24 carat gold rates are quoted at Rs. 48,890/10 grams. However, in Bangalore and Hyderabad gold has gained by Rs. 250 and in Chennai gold has surged by Rs. 180/ 10 grams today.
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)
Mumbai46,890/-48,890/-
Delhi47,050/-51,330/-
Bangalore45,150/-49,250/-
Hyderabad45,150/-49,250/-
Chennai45,350/-49,480/-
Kerala45,150/-49,250/-
Kolkata47,100/-49,800/-

The Comex gold futures gained by 0.16% and were quoted at $1817.5/oz, till last traded. On the earlier day, Comex gold futures closed at $1814.6/oz. The spot gold prices too surged by 0.15% and were quoted at $1818.10/oz till last traded. Additionally, the US dollar index in the spot market stood at 96.14, falling by 0.15%. However, in India, the MCX gold in February future quoted at Rs. 47,903/10 grams, gained marginally by 0.10%, till last traded.

Read more about: gold rates inflation omicron covid
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