Indian Gold rates have hiked by Rs. 930/10 grams today, on November 12. Today in India, 22 carat gold rates are quoted at Rs. 48,270/10 grams and 24 carat gold rates are quoted at Rs. 49,270/10 grams. In most of the major Indian cities also gold rates have gained significantly. In line with the international price range, Indian gold rates are gaining every day.
The Comex gold December futures today fell by 0.61% and was quoted at $1852/oz, while the spot gold prices fell by 0.64%, and were quoted at $1851/oz till 2.46 PM IST. Yesterday Comex December gold futures closed at $1863/oz. On the other hand, the US dollar index in the spot market stood at 95.21, gained by 0.05% than yesterday. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also hiked by 0.31%, and was quoted at Rs. 49,061/10 grams, till 3.43 PM IST today.
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)|
USA's Labor Ministry has recently reported a 6.2% hike in CPI inflation. Already analysts were quite concerned about inflation for a very long time. Now asset investors and traders are inclined towards gold and silver. Both of these metals are bullish in the markets.
Gold has been considered as a hedge against inflation. Analyst Jim Wyckoff told Kitco, "A five-week-old uptrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at this week's high of $1,870.60 and then at $1,875.00. First support is seen at $1,850.00 and then at the overnight low of $1.845.10."