Indian Gold Prices Gained By Rs. 260, On Nov 10, In Line With Global Trend

Indian Gold prices have gained by Rs. 260/10 grams today, on November 10. Today 22 carat gold rates are quoted at Rs. 47,250/10 grams and 24 carat gold rates are quoted at Rs. 48,250/10 grams. In major Indian cities like Kolkata, Delhi, and Kerala gold rates have gained by Rs. 200/10 grams, and in Ahmedabad rates gained by Rs. 300/10 grams today.

The Comex gold December futures today fell by 0.20% and was quoted at $1827/oz, while the spot gold prices fell by 0.40%, and were quoted at $1825/oz till 4.10 PM IST. On the other hand, the US dollar index in the spot market stood at 94.10, gained by 0.14% than yesterday. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also hiked by 0.07%, and was quoted at Rs. 48,322/10 grams, till 4.12 PM IST today. Yesterday Comex December gold futures closed at $1830/oz level, showing an affirmative gold rate trend.

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)
Mumbai	47,250/-	48,250/-
Delhi	47,350/-	51,700/-
Bangalore	45,200/-	49,310/-
Hyderabad	45,200/-	49,310/-
Chennai	45,450/-	49,580/-
Kerala	45,200/-	49,310/-
Kolkata	47,650/-	50,350/-

At the present market, inflation is the most important driving force behind the rallying gold rates, globally. Analyst's at Credit Suisse analyzing the gold rates stated, "Gold remains slightly below $1834/36 but has improved in the short-term as Real Yields fall. Still, the yellow metal needs to surpass this region to sustain a deeper recovery."

Credit Suisse also commented, "Gold remains slightly beneath the July and August highs and down-trend from August 2020 at $1834/36 but has improved further in the short-term, especially helped by the sharp fall in Real Yields. However, only a break above $1834/36 would be seen to complete an in-range base and lessen the topping threat significantly, instead of clearing the way for a deeper recovery to $1917."

The bank on the other hand added, "Near-term support moves higher to $1759, below which would ease the pressure off $1834/36. Only below the now more distant $1691/77 level XAU/USD would mark a major top for an important change of trend lower, with support then seen at $1620/15 initially, before $1565/60."