Indian gold rates have fallen marginally today on August 31, as the international gold prices did not perform well. The 22 carat gold was quoted at Rs. 46,380 and 24 carat gold was quoted at Rs. 47,380 per 10 grams, exhibiting a fall of Rs. 12 than yesterday. On August 22 carat gold was quoted at Rs. 46,500 in India. Today, 22 carat gold that is used for gold jewelleries, have dropped in major Indian cities. In Delhi, it was quoted at Rs. 46,450, in Mumbai at Rs. 46,380, in Kolkata at Rs. 46,800 and in Bangalore at Rs. 44,300 per 10 grams.
On MCX, gold in October future was down only by 0.07% till 3.07 PM IST today, which is not worrying investors much. In the international market, till 3.07 PM IST spot gold price was up by 0.21% and at the same time, COMEX gold was up by only 0.28%. However, the US dollar index, on the other hand, fell 0.18% today.
For the last two days, gold rates have been falling in India and not witnessing considerable gain in the international markets after US Fed Chair Jerome Powell declared they might start tapering at the end of this year. Although he sounded dovish about interest rate hike any time soon, the investors are probably being cautious. In addition to that, the Indian equity market was at a record level today, Sensex gained 57,000 points while Nifty gained 17,000 points. Indeed the equity market has been keeping up a good pace for the last few days. So, the investors are now more focused on the stock market and gold demand might lack because of that. However, investors should not worry much about the yellow metal, as this will give good returns in long-term investments. Indian gold prices are determined by international gold rates, as the prices will start picking up again in the global market, it will be reflected in the domestic market too.