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Indian Gold Rates Are Bullish In Line With International Trend: Check Rates

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Indian gold rates have gained by around Rs. 150 today, on March 17. The 22 carat gold rates are quoted at Rs. 47,450/10 grams, while the 24 carat gold rates are quoted at Rs. 51,760/10 grams in the domestic markets.

 
Indian Gold Rates Are Bullish In Line With International Trend: Check Rates

The USA Federal Reserve has hiked the interest rate by 25 bps, which has been a long-awaited step by the country's central bank. USA CPI Inflation is running at a 40 years high range now, for two consecutive months. To control this rising inflation, the government has decided to hike the interest rate. The US Fed was trying to keep the inflation rate within 2% since the last year but failed miserably. So, this rate hike is one of their financial tool for that road. Gold rates will move accordingly.

As an impact of the rate hike by the US Fed, the government bonds are going to offer a better yield. On the other hand, commodity markets, which are booming at present due to the Russia-Ukraine crisis, are expected to be ease now. However, the markets will react depending on how Russia takes steps in the geopolitical crisis. With an intensified war, the gold markets will remain bullish as a safe haven.

According to recent news, Russian troops have left 1 civilian killed and 3 civilians wounded as they attacked a residential building in Kyiv with a missile. Russian President is being more aggressive with time, even after multiple diplomatic talks in the international politics and economic sanctions imposed on Russia. These steps are triggering the commodity markets like crude oil and gold markets to stay bullish. On the other hand, the US Dollar index is gaining in the global markets, which is influencing more investors to hold more Dollars in their portfolios.

 

Today, the Comex gold futures surged by 1.36% and were quoted at $1933.90/oz, till last traded. The spot gold prices are quoted at $1932.30/oz, gaining by 0.21%, till last traded. On the other hand, the US dollar index in the spot market stood at 98.47, falling marginally by 0.02%. In India, the MCX gold in April future quoted at Rs. 51,421 grams, gaining by 0.54%, till last traded.

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