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Gold Rates Marginally Bullish In India: US Dollar Index Increasing Sharply

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Gold rates in India have surged only marginally today, on April 21. The 22 carat gold rates are quoted at Rs. 49300, and 24 carat gold rates quoted at Rs. 53780/10 grams, after gaining by Rs. 150 and Rs. 160 respectively. In the global markets, gold rates are bullish today, as the Russia-Ukraine tensions are easing. BMO's analysts commented, "Multi-decade high inflation, which shows little sign of easing, the fallout from Russia's invasion of Ukraine, and mounting recessionary fears, are outweighing negative gold sentiment arising from an increasingly hawkish Fed, a rebound in equities and dollar strength."

 
Gold Rates Marginally Bullish In India: US Dollar Index Increasing Sharply

Upcoming gold rates are going to remain volatile. Data releases and central bank commentary in the USA will be influencing commodity markets. It will direct the policy makings in the country which will again indicate the upcoming gold rates. The yellow metal will react according to the US Dollar's movement; it is a dollar-dominated asset class. BMO's analysts think that now gold prices will remain above $1,800/oz until mid-2023. Additionally, the USA inflation rate has gained to 8.5% YoY, which is also impacting the gold rates, as a hedge against inflation.

The Comex gold futures were quoted at $1946.10/oz, falling by 0.48%, till last traded. Yesterday it was last quoted at $1955.60/oz. The spot gold prices are quoted at $1945.20/oz, falling by 0.68%, till last traded. On the other hand, the US dollar index in the spot market stood at 99.99, falling by 0.35%. In India, the MCX gold in June future was quoted at Rs. 52,385 grams, falling by 0.46%, till last traded.

Story first published: Thursday, April 21, 2022, 15:59 [IST]
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