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Indian Gold Prices Jump Rs. 1500 Only In 5 Days, Market Regaining Traction: Investment Outlook

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Indian gold prices have been mostly bullish in the past 5 days in India. Today, the 22-carat gold rate is quoted at around Rs. 48,100/10 grams, and 24-carat gold rate is quoted at around Rs. 52,470/10 grams, surging by Rs. 100, and Rs. 130 respectively. Indian gold rates significantly depend on the global markets and import duty. In the international markets, gold has been rising in the last week, and India has surged its basic import duty on gold to 12.5%. Hence, the market of yellow metal in the domestic markets is showing traction again.

 
Indian Gold Prices Jump Rs. 1500 Only In 5 Days, Market Regaining Traction

The US Dollar index against the other currencies is sharply rising due to global uncertainties, USD/JPY was the biggest mover in FX overnight surging by 0.35%. However, the gold rates are also surging due to high inflationary concerns. But, with the rise in the US Dollar index and US Bond yields, gold markets have fallen marginally. In the past month, the yellow metal in the futures markets plunged from $1875/oz to $1805/oz now. Inflationary pressures, at present have impacted consumer confidence significantly. So, citizens seem to be interested in investment opportunities, that will be able to beat the inflation rate, like gold.

Today, the Comex gold futures were quoted at $1,807.30/oz, gaining by 0.32%, from the last trading day. Yesterday it was last quoted at $1,801.50/oz. The spot gold prices were last quoted at $1807.10/oz, falling by 0.08%, from the last trading day. However, the US dollar index in the spot market surged to 105.51, gaining by 0.37%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 52209/10 grams, gaining by 0.17%, from the last trading day.

Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai48,100/-52,470/-
Hyderabad48,100/-52,470/-
Kerala48,100/-52,470/-
Delhi48,100/-52,470/-
Kolkata48,100/-52,470/-
Bangalore48,130/-52,500/-
Chennai48,050/-52,420/-

Read more about: gold price gold inflation
Story first published: Tuesday, July 5, 2022, 13:41 [IST]
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