Gold prices range in India just after Diwali, has been flattened today on November 6. Today 22 carat gold rates are quoted at Rs. 46,220/10 grams and 24 carat gold rates are quoted at Rs. 47,220/10 grams. However, in Bangalore, Chennai and Hyderabad gold rates have increased by Rs. 360-400/10 grams today, in line with international trends.
The Comex gold December futures today hiked by 1.30% and was quoted at $1816/oz, while the spot gold prices also hiked by 1.46%, and were quoted at $1819/oz till last traded. Earlier, after the tapering announcement by the US Fed, the Comex gold rate fell and closed at $1763.9/oz. On the other hand, the US dollar index in the spot market stood at 94.23 till the last traded. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also hiked by 0.82%, and was quoted at Rs. 47,943/10 grams, till last traded.
Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
Concerns regarding inflations are keeping gold rates surged in the international markets now, even after the tapering announcement by the US Fed. Recently, the USA said their non-farm payrolls have increased at 531,000 in October, which is above the consensus anticipation of 450,000, showing a trend of economic recovery. But gold investors are not being able to deny the high inflation rate and they are still keeping faith in gold for the long term.
So, until the US Fed decides to hike the interest rate, the gold rates are expected to keep rising. Commenting on the matter, analyst Neils Christensen told Kitco, "But it's not just the Federal Reserve that is not ready to raise interest. The Bank of England was the biggest surprise in central bank news as it did not raise interest rates on Thursday. A rate hike had been telegraphed by the BoE and markets had fully priced in the move and were sorely disappointed." Hence, the gold rates, globally will stay bullish for the time being.