Gold rates in India on September 4, have gained Rs. 200 for both 22 carat and 24 carat gold of 10 grams, in line with the international gold markets. However, yesterday the prices of the same gold were down by Rs. 80 per 10 grams gold. In the last 5 days, gold rates in India were showing a downturn as the international markets too were failing to gain. However, today the 22 carat gold rate is quoted at Rs. 46400 per 10 grams while 24 carat gold rate is quoted at Rs. 47400 in India today. MCX gold too in October future was up by 1.06% as of 11.29 PM IST yesterday, till the market was open.
October gold futures price shows early gains and hits a four-week high level at $1831.40/oz with a $11.00 hike on Friday, while the market went technically bullish weekly high. Comex gold was up by 1.23% and was quoted at $1833.7s. In line with the trend, the gold spot was last traded at $1828.60/oz with a considerable hike of 0.99% till yesterday, when the spot market was open. As Indian gold rates are completely determined by the international gold rates, prices in the domestic markets too gained. Indian gold prices are fixed by the Indian Bullion Jewellers Association (IBJA), daily. Today, 22 carat gold rates in some of the major Indian cities like Hyderabad, Bangalore, Kolkata, and Chennai have hiked from Rs. 300 - Rs. 450, than yesterday's rates.
Today's gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
Yesterday, US employment data and the non-manufacturing index for August were published, and both remained undermined than expected compared to July figures. Hence, the US Fed might not start tapering any time soon, and gold investors are focussing on the yellow metal again, which rallied gold rates in the international markets. In line with that, Indian gold rates too gained.