Indian Gold Prices Fell Sharply By Rs. 1600: Good Time To Buy?

Indian gold prices have fallen by Rs. 1600/10 grams for 22 carat gold and Rs. 1750/10 grams for Rs. 24 carat gold today on March 10. The 22 carat gold rates are quoted at Rs. 48,200/10 grams, and the 24 carat gold rates are quoted at Rs. 52,580/10 grams in the domestic markets.

Investors and traders have been highly bullish about the gold and crude oil prices for the last 10 days as Russia-Ukraine geopolitical tensions intensified to war. Russia was unhappy with the fact that Ukraine wanted to join NATO and European Union to strengthen its position in the global picture. Russia was afraid that they will lose control over the eastern European region and Western forces to take up to that. Ukrainian President also signed up for an immediate member of the EU after Russia invaded their territory. So, anticipating global political and economic uncertainty gold prices gained sharply in the past two weeks.

However, in India and the international markets, gold rates have started to fall, as Ukraine announces that it no longer wish to join NATO. So, Russia-Ukraine tensions can ease now a bit and investors are hoping that gold rates will drop. So, demands in the commodity markets and retail demands of gold jewelleries can surge now, with lower prices. Gold and other precious metals generally perform the best in long term, which will beat the inflation rates. So, obtaining gold is one of the wisest decisions an investor can make to diversify the portfolio. In the past two years, during the pandemic, gold has performed the best, showing its strength as a safe haven.

Today, the Comex gold futures fell by 0.30% and were quoted at $1980.00/oz, till last traded. The spot gold prices are quoted at $1987.30/oz, falling by 0.28%, till last traded. On the other hand, the US dollar index in the spot market stood at 98.12, gaining by 0.15%. In India, the MCX gold in April future quoted at Rs. 52,623/10 grams, falling by 0.23%, till last traded.

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	48,200/-	52,580/-
Delhi	48,200/-	52,580/-
Bangalore	48,200/-	52,580/-
Hyderabad	48,200/-	52,580/-
Chennai	49,120/-	53,560/-
Kerala	48,200/-	52,580/-
Kolkata	48,200/-	52,580/-