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Indian Gold Market Gained Marginally, International Gold Rate Quoted At Around $1835/oz

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Along with nominal Treasury rates, the real Treasury rates are gaining in the USA. But nothing is triggering as important as the rising inflation rate, for the gold markets. At the present markets, both treasury yields and gold are holding their positions well. In the post-pandemic period, a strong gold rate shows its importance as an asset class.

 
Indian Gold Market Gained Marginally, International Gold Rate Quoted At $1835/oz

However, adding a very interesting point, Pepperstone head of research Chris Weston told Kitco News, "Gold is not an inflation hedge at the moment. It is a hedge against a policy mistake...Markets are saying we will see four or five rate hikes this year, with passive balance sheet run-off. Does that mean we are closer to a policy mistake? I think this is what you are seeing in a gold market - if central banks have to backtrack, gold will absolutely fly. It is a hedge you have in your portfolio against this policy mistake."

The current price gain in crude is helping the yellow metal to move further in the futures markets. A high inflation rate is already impacting the demands of many consumer products and industrial items globally. The crude price hike only increases inflation, which will impact the demands in economies. Investors will not be ready to move away from the asset class including gold. The prices might hike again, in absence of adequate policy measures against inflation.

Indian gold rates today, on January 21, 2022, gold rates have surged by Rs. 50/ 10 grams. The 22 carat gold prices are quoted at Rs. 47,640/10 grams and 24 carat gold rates are quoted at Rs. 49,640/10 grams. Similarly, in Chennai, Bangalore, and Kerala the yellow metal gained by Rs. 100-130/10 grams.

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

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai47,640/-49,640/-
Delhi47,800/-52,100/-
Bangalore45,650/-49,800/-
Hyderabad45,650/-49,800/-
Chennai45,940/-50,120/-
Kerala45,650/-49,800/-
Kolkata47,800/-50,500/-

The Comex gold futures fell marginally by 0.42% and were quoted at $1834.9/oz, till last traded. On the earlier day, Comex gold futures closed at $1842.6/oz. The spot gold prices were quoted at $1835.20/oz, fell by 0.28%, till last traded. The US dollar index in the spot market stood at 95.64, falling by 0.13%. Similarly, in India, the MCX gold in February future quoted at Rs. 48,289/10 grams, fell by 0.19%, till last traded.

Story first published: Friday, January 21, 2022, 16:36 [IST]
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