Gold Rates Quoted Above $1955/oz In Global Markets: Trend In India

Gold rates, in March, tried to reach an all-time high level, however, the rates are correcting in the spot and futures markets now. In India, the rates surged only marginally today on March 25. In the domestic markets, 22 carat gold rates are quoted at Rs. 48200/10 grams, gaining by Rs. 250/10 grams, while the 24 carat gold rates are quoted at Rs. 52590/10 grams, gaining by Rs. 280/10 grams.

Significantly, in the commodities, copper is performing better today, comparatively, than other precious metals. Now, gold investors are waiting for the upcoming inflation data, employment data, and economic growth anticipations to react further.

In near future, gold rates are going to broadly depend on the Russia-Ukraine war and uncertainties in international politics. Now, the yellow metal is staying above around $1925/oz, which is a bullish trend. Any intensified attack by Russia can trigger the gold markets again. Commenting on a lower timeline frame about gold rates, Moor Analytics thinks, "Decent trade back below where this comes in at $1,926.9 should bring in decent pressure. Decent trade below $1,920.1 will project this downward $31 minimum."

Reports mentioned, now the gold and silver stocks in the international markets are outperforming Gold, which is an important note for investors. At present, gold rates have started to correct in the markets. Commenting on the gold stock growth, analyst Jordan Roy-Byrne told Kitco News, "Gold filled its gap from March 1, when it declined below $1908. Gold has retraced 62% of the surge from the January low. The miners only retraced 38%." Roy-Byrne added, "A super bullish setup is in place, and this market could go vertical after this correction."

Today, the Comex gold futures were quoted at $1955.40/oz, falling by 0.31%, till last traded. Yesterday it was last quoted at $1962.20/oz. The spot gold prices are quoted at $1957.40/oz, till last traded. On the other hand, the US dollar index in the spot market stood at 98.62 falling marginally by 0.10%. In India, the MCX gold in April future quoted at Rs. 51,900 grams, falling by 0.34%, till last traded.