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Gold Rates In India Rallied On Nov 13: Global Economy Affirmative For Assets

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Gold prices in India have hiked by Rs. 10/10 grams today, on November 13. Today in India, 22 carat gold rates are quoted at Rs. 48,280/10 grams and 24 carat gold rates are quoted at Rs. 49,280/10 grams. On the other hand, in Ahmedabad gold rates have hiked by Rs. 800 today. The present global economic outlook is affirmative for the assets markets, including gold.

 
Gold Rates In India Rallied On Nov 13: Global Economy Affirmative For Assets

The Comex gold December futures hiked by 0.25% and were quoted at $1868/oz, while the spot gold prices hiked by 0.17%, and were quoted at $1866/oz till last traded. Yesterday Comex December gold futures' highest reach was at $1871/oz. On the other hand, the US dollar index in the spot market stood at 95.07. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also hiked by 0.26%, and was quoted at Rs. 49,346/10 grams, till last traded.

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

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai48,280/-49,280/-
Delhi48,050/-52,420/-
Bangalore46,100/-50,180/-
Hyderabad46,100/-50,180/-
Chennai46,550/-50,780/-
Kerala46,100/-50,180/-
Kolkata48,550/-51,250/-


Gold markets in the international markets have breached the $1870/oz level yesterday, after a long time. Gold prices, were on the verge of a steep rise, after USA's inflation data announcement at 6.2%. Frank Cholly, RJO Futures senior market strategist told Kitco News, "It is all about inflation. The market is starting to embrace the fact that inflation will be longer-lasting. It will take years to fix the supply chain issues due to pandemic, all the stimulus, and tons of pent-up demand."

On the other hand, Sean Lusk, Co-Director of Walsh Trading thinks that the gold rates are on the path towards $1,900/oz is very clear now. He told Kitco, "Gold below $1,800 was seen as a good buying opportunity. We have to watch if banks try to come in and hedge this thing. Prospects for the first couple of months of 2022 are good. We see a year-end rally that carries through into January and February."

Story first published: Saturday, November 13, 2021, 11:36 [IST]
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