Gold Rates In India Fall Sharply By Rs. 980, As US Dollar Index Strengthens Globally

Indian gold rates have experienced a sharp fall as the international market has been down today for the yellow metal. Due to rising economic uncertainties and interest rate hikes, the US Dollar index is consistently getting stronger. Hence, the yellow metal came under pressure today. In the country, the 22-carat gold rate is quoted at around Rs. 46,750/10 grams, and 24-carat gold rate is quoted at around Rs. 51,000/10 grams, falling by Rs. 900 and Rs. 980 respectively. Indian gold rates depend on the international markets, as the country imports a large amount of gold from foreign markets.

Today, the Comex gold futures were quoted at $1,819.40/oz, falling by 0.09%, from the last trading day. Yesterday it was last quoted at $1,821.20/oz. The spot gold prices were last quoted at $1819.30/oz, falling by 0.12%, from the last trading day. The US dollar index in the spot market stood at 105.05, gaining by 0563%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,724/10 grams, falling by 0.19%, from the last trading day.

Analyst Jim Wyckoff told Kitco News, The marketplace was closely watching a central bankers' forum in Portugal that began earlier today. Speakers included Fed Chairman Powell, ECB President Lagarde and Bank of England governor Bailey. However, the markets did not show any significant reactions to the central bank officials' comments. Today's downbeat U.S. final first-quarter gross domestic product (GDP) estimate that showed contraction of 1.6% gave the gold and silver markets a brief boost but those gains could not be held. Global stock markets were mostly lower overnight. U.S. stock indexes are mixed at midday. Trader and investor risk appetite has pulled back at mid-week, following downbeat consumer confidence readings out of the US on Tuesday and out of the Euro zone today."

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)
Mumbai	46,750/-	51,000/-
Hyderabad	46,750/-	51,000/-
Kerala	46,750/-	51,000/-
Delhi	46,750/-	51,000/-
Kolkata	46,750/-	51,000/-
Bangalore	46,770/-	51,020/-
Chennai	46,830/-	51,090/-