Indian gold rates have gained marginally today on November 2, mirroring the international trend. Gold prices increased by Rs. 110 / 10 grams. So, 22 carat gold rates are quoted at Rs. 46,850/10 grams and 24 carat gold rates are quoted at Rs. 47,850/10 grams. In major Indian cities like Delhi, Mumbai, Pune, Kolkata, gold rates have increased marginally today.
The Comex gold December futures today fell only by 0.13% and was quoted at $1793.4, while the spot gold prices also fell only by 0.11%, and were quoted at $1792.6/oz till 4.42 PM IST. On the other hand, the US dollar index in the spot market stood at 93.93. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also dropped by 0.28%, and was quoted at Rs. 47,768/10 grams, till 4.42 PM IST. Today the gold rates in the international markets started with a positive trend as the dollar index, globally dropped marginally.
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)|
Today, in the USA, Federal Reserve has started the FOMC meeting to decide their upcoming monetary policy. Tomorrow the meeting will conclude and Jerome Powell, Chairman of the central bank will officially announce the tapering timeline. In the last FOMC meeting, Fed said that the bank will taper purchases by $15 billion each month. Now they are buying $120 billion per month. With tapering, gold prices will possibly see a momentary fall. Already the US Bond yield is on the verge of gain; with tapering the government bonds will be more lucrative. So, investors will incline towards government bonds, than gold. So, gold prices will face a dip.