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Gold Rates Internationally Scale To $1850/ounce; MCX Gold Rate Hits Rs. 49,043/10 gm


Gold price internationally have gained to $1850 per ounce and last in today's trade saw some softening. At 23:32 NY time, spot gold retreated by a marginal 0.1 percent to $1848.10 per ounce.

Gold Rates Internationally Scale To $1850/ounce; MCX Gold Hits Rs. 49,043/10 gm

The softness is partly owing to gains in the dollar while the gold price surge to levels of $1850 per ounce has been fuelled by inflationary concerns. On Wednesday, the US consumer prices on October show a surge, surfacing inflationary concerns yet again.

There has been reported in the 12 months to October, inflation has registered the highest surge by 6.2 percent i.e. the highest YoY increase since 1990, owing to substantial increase in energy prices. The new inflation data points to the fact that inflation shall be staying amid supply disruption.

Previously, inflationary effect has been viewed to be transitory by the US Fed and hence they have not preponed their rate hike plans but have announced asset tapering plans that shall begin in November itself.

Now, note gold prices gain amid inflation and low rates as investors' take shelter into the 'safe haven' asset class that serves an inflationary hedge and limits the downside impact on other asset classes due to inflation.

MCX Gold rate

On the gains internationally, gold futures contract on the MCX in trade on November 11, 2021 have hit a day's high price of Rs. 49043 per 10 gm.

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