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Gold Rates In India Quoted At Rs. 46,400, Dropped Marginally On Diwali, On Nov 5
Gold prices in India dropped only marginally by Rs. 10/10 grams today on Diwali, on November 5. Yesterday Federal Reserve Chairman Jerome Powell announced tapering, and by this, it was anticipated that gold rates will fall significantly. But concerns regarding inflation are keeping gold rates surged in the global markets. Today 22 carat gold rates are quoted at Rs. 46,400/10 grams and 24 carat gold rates are quoted at Rs. 47,400/10 grams.
In all major cities, gold prices have mostly dropped, however, in Bangalore, gold rates have increased by Rs. 150/10 grams, and in Chennai gold rates hiked by Rs. 530/10 grams today.
The Comex gold December futures today hiked by 0.17% and was quoted at $1796.6/oz, while the spot gold prices also hiked by 0.14%, and were quoted at $1795.3/oz till 2.59 PM IST. Earlier, after the tapering announcement by the US Fed, the Comex gold rate dropped and closed at $1763.9/oz. On the other hand, the US dollar index in the spot market stood at 94.44, hiked by 0.12% than yesterday. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also dropped by 1.21%, and was quoted at Rs. 47,571/10 grams, till 7.14 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 | 46,400/- | 47,400/- |
| Delhi | 46,690/- | 50,890/- |
| Bangalore | 44,700/- | 48,760/- |
| Hyderabad | 44,700/- | 48,760/- |
| Chennai | 45,000/- | 49,090/- |
| Kerala | 44,700/- | 48,760/- |
| Kolkata | 47,840/- | 50,540/- |
(Also read: 3 Best Gold Investment Options In Diwali)
Commenting on the gold rates trend at present, analyst Gary Wagner told Kitco, Without offering a timeline, the Federal Reserve's FOMC statement talked about the necessary triggers before interest rates would be raised. In essence, the criteria are the completion of their dual mandate, which is maximum employment and inflation target at approximately 2%. Yesterday's FOMC statement laid out the necessary criteria needed for the Federal Reserve to announce a timeline on lift-off, or interest rate normalization."
He added, "In terms of traders' reaction to the chairman's statements indicating that they have no set timeline in which to initiate lift-off, I believe what we witnessed today in gold was a delayed reaction coupled with the confirmation that the Bank of England was on the same page." gold rates are not expected to fall very soon without an interest rate hike in the USA.
