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Indian Gold Rates Are Falling Sharply In December, As WHO Eases Omicron Concerns: Check Rates

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Indian gold rates, on December 2 have fallen sharply by Rs. 540/10 grams, as investors realized that the new Covid variant is not going to affect the global economy as the earlier variants, like the delta strain. In line with the international trends, Indian gold rates have also declined significantly.

 
Indian Gold Rates Are Falling Sharply In December, As WHO Eases Omicron Concerns

Today in India, 22 carat gold rates are quoted at Rs. 46,580/10 grams and 24 carat gold rates are quoted at Rs. 47,580/10 grams. Gold rates in Chennai and Pune have declined by around Rs. 210-230/10 grams today. A falling gold rate will increase gold demand in the country, this wedding season.

Today the Comex gold futures fell by 0.95% and were quoted at $1764.7/oz, while the spot gold prices fell by 0.83%, and were quoted at $1768/oz till last traded. Yesterday Comex gold futures closed at $1781.6/oz. On the other hand, the US dollar index in the spot market stood at 96.09. falling by only 0.05%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 47,406/10 grams, fell by 0.97%, till last traded.

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

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai46,580/-47,580/-
Delhi46,750/-51,000/-
Bangalore44,600/-48,650/-
Hyderabad44,600/-48,650/-
Chennai44,670/-48,730/-
Kerala44,600/-48,650/-
Kolkata46,900/-49,600/-

The World Health Organization (WHO) has mentioned that vaccines can offer some protection against the new Omicron Covid variant. Additionally, it is being discussed that the Omicron variant is not as severe as earlier Covid variants, rather it might be milder. This news has eased investors' concerns over the market and the economy. Investors again gained confidence that has pulled gold prices down internationally. The US stock indexes also reacted higher overnight. So, both the crude oil market along the gold market is plunging marginally.

 

In addition to that, the US employment scenario is also improving according to available reports. The US Labor Department stated that the weekly jobless claims have increased by 28,000 to 222,000, beating expectations. This week, lesser workers than expected have applied for first-time unemployment benefits. Hence, the gold market, as an asset class has slumped marginally today globally. US Dollar index has also gained by a tad today, which is unfavorable for gold rates to gain.

(Also read: Indian Gold Rate Declines By Rs. 190, On Nov 30: Check Rates)

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