Indian gold rates, on November 30 have fallen by Rs. 190/10 grams, as global gold rates are not gaining significantly this week. Today in India, 22 carat gold rates are quoted at Rs. 47,120/10 grams and 24 carat gold rates are quoted at Rs. 48,120/10 grams. In cities like Delhi, Bangalore, and Hyderabad gold rates have fallen by Rs. 100, whilst in Chennai and Madurai, gold rates have dropped by Rs. 230/10 grams today. Gold rates under pressure will increase the gold demand in the country during the wedding season.
Today the Comex gold December futures gained by 0.59% and were quoted at $1792/oz, while the spot gold prices gained by 0.44%, and were quoted at $1793.3/oz till last traded. Yesterday Comex December gold futures closed at $1782.3/oz. On the other hand, the US dollar index in the spot market stood at 95.78. falling by only 0.43%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,187/10 grams, gained by 0.41%, 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)|
After a significant surge in headline inflation (CPI) and Personal Consumption Expenditures (PCE) in the USA, immediately gold rates rallied up. But this week, gold is not showing a major gain in the first two trading days, however, the rates are not falling. Today's gold rate average is $1782-$1795/oz in the global market.
However, according to reports, "the next support price for gold is $1,750/oz, if that fails, $1,700 is in play". Analyst Todd Horwitz of Bubba Trading told Kitco News, "Gold should find some support around here; the best action would be consolidation. A rally from here would be bearish and a selling opportunity. The steep drop could continue as well, but a bounce is a day or two away. That bounce should be sold, resistance is at $1810."