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Gold Rates In India Dropped By 140, On Oct 27, With Global Price Fall
Indian gold prices have marginally fallen today, in line with the international price range. On October 27, Indian gold rates dropped by Rs. 140/10 grams. Today, 22 carat gold rates are quoted at Rs. 47,130/10 grams and 24 carat gold rates are quoted at Rs. 48,130/10 grams. However, Gold rates in Ahmedabad have hiked by Rs. 200/10 grams, while in cities like Delhi, Bangalore, Vijayawada, and Mysore gold prices have dropped by Rs. 300/10 grams today.
In the USA, new housing sales have beaten expectations in September, as per the latest data published yesterday, with an advance of 14%, while the previous month's data has been revised down. Additionally, the US Conference Board yesterday declared that its Consumer Confidence Index rose to 113.8, again beating the expectations by economists at around 108.4. So, gold rates in the international markets, fell today than yesterday. Indian gold rates depend on global prices, so in the domestic markets, gold rates too have fallen.
The Comex gold December futures today fell by 0.32%, and was quoted at $1787, while the spot gold prices also dropped by 0.36%, quoted at $1787.70/oz till 1.53 PM IST today. At the same time, the US dollar index in the spot market stood at 93.89, dropping by only 0.07%. Mirroring the same gold rate trend, in India, the Mumbai MCX gold in October future fell by 0.26%, and was quoted at Rs. 47,688/10 grams, till 1.53 PM IST.
Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:
| City | 22 carat (INR/10 Grams) | 24 carat (INR/10 Grams) |
|---|---|---|
| Mumbai | 47,130/- | 48,130/- |
| Delhi | 46,900/- | 51,160/- |
| Bangalore | 44,750/- | 48,820/- |
| Hyderabad | 44,750/- | 48,820/- |
| Chennai | 45,080/- | 49,180/- |
| Kerala | 44,750/- | 48,820/- |
| Kolkata | 47,400/- | 50,100/- |
The gold prices yesterday mostly stayed over the historical high of $1800 level but fell marginally today. Gold rates are under pressure as the USA's latest economic data has shown comparatively positive results. However, the rates are not expected to fall significantly this month. Although November gold rates can be quite volatile considering the global economic scenario and US Fed declarations. A drop in the gold rates will help gold sales in India during Diwali, in the next month.
