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Gold Rates Quoted At Rs. 47,000/10 Grams In India: Invest Now?

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Gold rates in India prices have fallen by Rs. 500/10 grams for 22 carat gold rates and fallen by Rs. 540/10 grams for 24 carat gold rates on March 15. The 22 carat gold rates are quoted at Rs. 47,600/10 grams, while the 24 carat gold rates are quoted at Rs. 51,930/10 grams in the domestic markets.

 
Gold Rates Quoted At Rs. 47,000/10 Grams In India: Invest Now?

The precious metal markets are booming globally. The Jefferies Group, an Investment banking company thinks that the stock prices of mining companies can outperform over the next 3 years 'as a result of consensus earnings upgrades and a re-rating of equity valuations'. This growth is influencing investors and traders to be more interested to flock towards the precious metal markets. Gold markets, globally, are expected to perform well in line with this trend.

Gold prices in the near term are not anticipated to be bearish. Russian President has remained the atrocities same in Ukraine. Globally, political leaders are concerned about the matter, and some of them are trying to bar Russia financially. Recently, the European Union has approved a new set of economic sanctions on Russia for this. France has officially announced, "In consultation with our international partners, has approved a fourth package of sanctions targeting individuals and entities involved in the aggression against Ukraine, as well as several sectors of the Russian economy."

Goldman Sachs has recently commented, the 'upside scenario on gold investment and central bank demand is now becoming the base case', because of the present increase in the commodity markets and geopolitical uncertainties. Additionally, retail investors are also showing further demands for gold. Reports have shown that gold ETFs and gold funds have performed much better than equity ETFs recently. Global geopolitical tensions have helped gold to surge as a safe haven, and the Asian markets are accelerating this demand.
However, if the US Federal Reserve hiked its interest rate, then gold rates can fall marginally. Retail demands for gold will again rise then, anticipating good long-term profits.

 

Today, the Comex gold futures fell by 1.62% and were quoted at $1927.90/oz, till last traded. The spot gold prices are quoted at $1935.20/oz, falling by 0.88%, till last traded. On the other hand, the US dollar index in the spot market stood at 98.71, falling by 0.40%. In India, the MCX gold in April future quoted at Rs. 51,781 grams, falling by 1.00%, till last traded.

Read more about: gold rate gold russia ukraine
Story first published: Tuesday, March 15, 2022, 15:23 [IST]
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