Indian Gold Prices Gain on Aug 27 As International Rates Higher

Gold prices in India today, on 27th August was quoted at the highest rate in the last 10 days, with Rs. 400 hike per 10 gram gold. International gold prices have gained today marginally, thereby mirroring the same trend in the Indian gold business. The 22 carat gold was quoted at Rs. 46620 while 24 carat gold was quoted at Rs. 47620 per 10 grams today. Yesterday, the 22 carat gold was quoted at Rs. 46220 per 10 grams. Today, 22 carat gold rates in major Indian cities have gained. In Delhi it was quoted at Rs. 46550, in Mumbai at Rs. 46620, in Kolkata at Rs. 46950 and in Bangalore at Rs. 44400 per 10 grams.

In the international market, till 2.05 PM IST spot gold price was up by 0.16% and at the same time, COMEX gold was up by 0.19%. The US dollar index, on the other hand, did not witness much change today. However, on MCX, gold in October future was down only by 0.18% till 2.10 PM IST today, which is not worrying investors much.

The precious metal has been gaining in the international market and is expected to see momentum later this year if the US Fed does not change interest rates. In early August, international traders had high anticipation that the US Fed might raise interest rates and tapering could take place. However, now as the Covid positive cases are accelerating again, the government will probably be more resilient and would not pull back economic stimulus.

Daily gold prices in India are determined according to the international gold prices on a particular day. The Indian Bullion Jewellers Association (IBJA), which consists biggest gold dealers, plays a major role to regulate daily gold prices in India for both 24 carat and 22 carat gold. Gold jewellery which is curved from 22 carat gold, is one of the most significant gold investments in India considering the artistic value and auspicious factor attached to it.