Gold Rates Gained By Rs. 110, On Nov 17, In-Line With Global Trend

Indian Gold rates gained by Rs. 110/10 grams today, on November 17, prices fell marginally yesterday. Today in India, 22 carat gold rates are quoted at Rs. 48,470/10 grams and 24 carat gold rates are quoted at Rs. 49,470/10 grams. However, in major cities like Delhi and Hyderabad, Bangalore, Chennai, and Kerala, gold rates have fallen by Rs. 50-250/10 grams today.

The Comex gold December futures hiked by 0.41% and were quoted at $1861.8/oz, while the spot gold prices hiked by 0.59%, and were quoted at $1862/oz till last traded. Yesterday Comex December gold futures closed at $1854/oz, dropping marginally than the present trend. On the other hand, the US dollar index in the spot market stood at 95.93, dropping by 0.01%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also gained by 0.12%, and was quoted at Rs. 49,095/10 grams, till last traded.

Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:

Commenting about the present gold rate trend, in the latest report, Commerzbank mentioned, "Gold has rallied higher to take out key resistance offered by the highs since July and the 2020-2021 downtrend." Later the bank said, "The close above 1835 is key longer term, it has targeted 1917/22, the May 2021 peak and 61.8% retracement and 2011 high. This will act as the breakup point to the 1965 November 2020 peak and the 78.6% retracement at 1989. This is the last defense for the August 2020 peak at 2072."

(Also read: Why Is the Inflation Rate Rising In The USA?)

Gold rates at the present are being mostly driven by inflation concerns in major economies. USA has reported its CPI inflation rate of the last month at 6.2%, which is again worrying investors and they are taking shelter under gold.