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Indian Gold Prices Quoted At Rs. 48,100, On Nov 19, US Dollar Gained Marginally
Indian Gold prices remained flat today, on November 19, the prices did not hike than yesterday's quotations. Today in India, 22 carat gold rates are quoted at Rs. 48,100/10 grams and 24 carat gold rates are quoted at Rs. 49,100/10 grams. However, in major cities like Delhi and Kolkata, gold rates have gained by around Rs. 200/10 grams today.
The Comex gold December futures fell by 0.02% and were quoted at $1861/oz, while the spot gold prices gained by 0.07%, and were quoted at $1860.8/oz till last traded. Yesterday Comex December gold futures closed at $1861/oz, hence today the global gold rate trend is heading north. On the other hand, the US dollar index in the spot market stood at 95.99, gained by 0.45%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also fell by 0.45%, and quoted at Rs. 49,068/10 grams till last traded.
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 | 48,100/- | 49,100/- |
| Delhi | 48,150/- | 52,530/- |
| Bangalore | 46,000/- | 50,180/- |
| Hyderabad | 46,000/- | 50,180/- |
| Chennai | 46,290/- | 50,500/- |
| Kerala | 46,000/- | 50,180/- |
| Kolkata | 48,500/- | 51,200/- |
Gold rates are inversely related to the US dollar index. When the US dollar gains globally, gold rates tend to fall and vice versa. Today with a marginal hike in the US Dollar index, gold rates have dropped by a tad. However, gold rates in the international market are trading higher in November, than the previous month, mostly due to inflation concerns.
(Also read: Gold Rates Traded Slightly Down In 3rd Week Of November: What Is The Trend?)
Analyst and investor Gary Wagner, editor of TheGoldForecast.com is quite confident about the potential of gold at present. He thinks that the yellow metal is still the ultimate store of wealth. Wagner told Kitco, "Our current assessment is that if we can get an effective close in gold above $1880, it has a clear path to challenge $1900 and possibly even trade as high as $1920, the high seen in June 2021. If the Federal Reserve raises rates immediately after the conclusion of tapering, we could see gold at that point come under significant pressure. However, that timeline still allows for inflation to continue to rise, and gold to gain value at least until June 2022." in another report he said, "A break above $1,880 (gold price) would really signal another breakout and we would push towards $1,990."
