Indian Gold Rate Surges To Rs. 47,650 Today, As Global Gold Market Bounced Back

Today, on June 23, in India the 22-carat gold rate is quoted at around Rs. 47650/10 grams, and 24-carat gold rate is quoted at around Rs. 51990/10 grams, surging by Rs. 200 and Rs. 230, respectively. Yesterday, at the latter trading hours, the yellow metal bounced back significantly. So, IBJA has increased the gold rates today in the domestic market.

The Federal Reserve Chairman Jerome Powell made his remarks on the high inflation rate yesterday for the Senate Banking Committee. He said, "At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so." He added, "We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses." However, many economists are worried about a recession, which will be even worse.

Senator Elizabeth Warren, D-Mass said, 'high inflation and a recession with millions of people out of work' will be 'worse than high inflation and low unemployment'. On that matter, Powell commented, "It's not our intended outcome at all, but it's certainly a possibility, and frankly the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong labor market."

The high inflation rates which increased to 8.6% YoY in the US and went up by 9.1% in the UK are concerning the commodity markets, hence gold rates again got the opportunity to surge as a hedge against inflation, globally.

Today, the Comex gold futures were quoted at $1,835/oz, plunging by 0.18%, from the last trading day. Yesterday it was last quoted at $1838.40/oz. The spot gold prices were last quoted at $1833.50/oz, falling by 0.20%, from the last trading day. The US dollar index in the spot market stood at 104.17, gaining by 0.05%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,793/10 grams, falling by 0.22%, from the last trading day.

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