Gold Rates Quoted At Rs. 47,300 In India, Good Time To Invest In Christmas?

In India, gold prices, remained flat today in the domestic markets. The 22 carat gold rates are quoted at Rs. 47,300/10 grams and 24 carat gold rates are quoted at Rs. 48,300/10 grams in India. However, in Chennai, Pune, and Kolkata, gold prices have fallen by Rs. 50-140/10 grams.

In the USA, the market is closed today due to Christmas eve, but gold was bullish till last traded. This week, gold is quite volatile, as, in two days, the precious metal could cross the $1800 level, but did not stay longer. Inflationary concerns should keep gold rates surged now. But, gold is mostly depending on the support price. Only further inflationary pressure can trigger the gold market now.

Gold prices have mostly been bearish this month, and the growth was sluggish. Due to confusion about the US Fed's monetary policy and rising inflation rate, kept the gold was market rambling in December. Investors and traders could not possibly be clear about the upcoming trend in the market. They are mooting the upcoming interest rate hike in March, and how will the precious metal react at that time.

Additionally, commenting about different types of gold investment trends this month, Walsh Trading co-director Sean Lusk told Kitco News, "From a seasonal perspective, demand for physical gold is a big aid in driving prices higher from mid-December to Valentine's Day. In the next 6-8 weeks, gold and silver could thrive. With the new variant coming in, easy money policies will remain. Granted, the Fed signaled that they would start rate hikes. But there is still a lot of uncertainty out there - global economic recovery and new geopolitical tensions."

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

City	22 carat (INR/10 Grams)	24 carat (INR/10 Grams)
Mumbai	47,300/-	48,300/-
Delhi	47,500/-	51,800/-
Bangalore	45,350/-	49,480/-
Hyderabad	45,350/-	49,480/-
Chennai	45,510/-	49,650/-
Kerala	45,350/-	49,700/-
Kolkata	47,450/-	50,150/-

Today the Comex gold futures fell only by 0.53% and were quoted at $1811.2/oz, while the spot gold prices remained the same, and were quoted at $1810.2/oz till last traded. Yesterday Comex gold futures closed at $1801.6/oz. Additionally, the US dollar index in the spot market went to 96.06, fell only by 0.04%, till last traded. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,193/10 grams, surged by 0.09%, till last traded.