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Indian Gold Rate Jumps Marginally, Although Fed's Patrick Harker Mentions Interest Rate Hike Again

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International gold traders are slowly trying to get over the fear of interest rate hikes and fall in the metal's prices. Although, it is quite certain that the US Fed will hike the rate, to control inflation. The Philadelphia Federal Reserve Bank - President, Patrick Harker has recently stated that he will step up for 3 interest rate hikes from March 2022. He can also support more rate hikes if the inflation situation worsens. But, traders and investors have been experiencing a bullish gold market, for the last 3 consecutive days. Gold rates have now crossed the $18200/oz level, and are standing firm. One of the major reasons is the US CPI data release. According to reports, consumer price index data for December went up 7.0%, YoY, and the expectation was 7.1%. The CPI number stood the highest YoY consumer inflation in the past 40 years.

 
Indian Gold Rate Jumps,Although Fed's Patrick Harker Mentions Interest Rate Hike

Recently, US Federal Reserve Chairman Jerome Powell gave assurance that they will take measures to the pace of price increases, not hampering the economic growth. The Fed will probably tighten the country's monetary policy. Now, the precious metal's next bullish upside resistance at $1,850.00/oz, and the technical support can be $1,781.30/oz. However, according to a Kitco News report, "First resistance is seen at the January high of $1,833.00 and then at $1,840.00. First support is seen at today's low of $1,814.40 and then at $1,800.00."

Gold prices in India have surged by Rs. 160/ 10 grams, on January 13, 2022. The 22 carat gold prices are quoted at Rs. 47,100/10 grams and 24 carat gold rates are quoted at Rs. 49,100/10 grams. In Chennai, Bangalore, Kerala, and Hyderabad the gold rates have gained by around Rs. 200/10 grams. Additionally, a lower US dollar index at a 2-month low range, and a marginal drop in the US Treasury yields, have impacted the gold margins positively. Investors are keeping faith in the precious metal.

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)
Mumbai47,100/-49,100/-
Delhi46,960/-51,220/-
Bangalore45,000/-49,100/-
Hyderabad45,000/-49,100/-
Chennai45,190/-48,200/-
Kerala45,000/-49,100/-
Kolkata47,210/-50,000/-

The Comex gold futures fell by 0.27% and were quoted at $1822.3/oz, till last traded. On the earlier day, Comex gold futures closed at $1827.30/oz. The spot gold prices were quoted at $1826.30.10/oz, dropping by 0.02%, till last traded. The US dollar index in the spot market stood at 94.79, falling by 0.23%. However, in India, the MCX gold in February future quoted at Rs. 47,868/10 grams, surging marginally by 0.13%, till last traded.

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