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Indian Gold Prices Drops Marginally, Quoted At Rs. 46,510 On Oct 19

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Indian gold prices slipped marginally today on October 19, by Rs. 560/10 grams than yesterday. Today, 22 carat gold rates are quoted at Rs. 46,510/10 grams and 24 carat gold rates are quoted at Rs. 47,510/s10 grams. The Comex gold future hiked by 0.76% and was quoted at $1779.2, while the spot gold prices hiked by 0.67% and were quoted at $1776.60/oz till 4.44 PM IST. On the other hand, the US dollar index in the spot market slipped to 93.13 at the same time, it dropped by 0.41%. In India, the Mumbai MCX gold in October future gained only by 0.31% today till 4.39 PM IST and was quoted at Rs. 47,437/10 grams.

 
Indian Gold Prices Drops Marginally, Quoted At Rs. 46,510 On Oct 19

Indian gold rates depend on international gold prices because India mostly imports this precious metal from foreign markets. India is now the second-largest importer of gold. Commenting on the relation between gold demand and inflation, the World Gold Council in a recent report said, "In common with investors around the world, Indian savers turn to gold as a hedge against inflation. For each one percentage point increase in inflation, gold demand increases by 2.6%." later it added, "Tax regime: an increase in the rate of import duties since 2012 has depressed demand for gold by 1.2% per year."

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

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai46,510/-47,510/-
Delhi46,450/-50,670/-
Bangalore44,300/-48,330/-
Hyderabad44,300/-48,330/-
Chennai44,650/-48,710/-
Kerala44,300/-48,330/-
Kolkata46,850/-49,550/-

Frank E. Holmes told Kitco News, "Gold rose to the highest in nearly a month as Treasury yields and the dollar slumped amid concerns rising prices may hinder a nascent economic recovery. The yield on the 10-year Treasury note fell after an initial increase following a US inflation report that showed a faster-than-expected rise in consumer prices last month. The greenback dipped to a session low. Both movements are helping boost demand for non-interest-bearing bullion. However, profit-taking on Friday trimmed the weekly gain."

Read more about: gold gold rate gold price india
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