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Indian Gold Rates Fell Significantly By Rs. 1290/ 10 grams, On Nov 23
Gold rates in India have fallen significantly today, on November 23. Today in India, 22 carat gold rates are quoted at Rs. 46,990/10 grams and 24 carat gold rates are quoted at Rs. 47,990/10 grams. In most of the major Indian cities, gold rates have dropped significantly today, as US President Joe Biden announced Jerome Powell's name as Fed Chairman again, for the next 4 years.
Today the Comex gold December futures fell by 0.51% and were quoted at $1797/oz, while the spot gold prices gained by 0.34%, and were quoted at $1799/oz till last traded. Yesterday Comex December gold futures closed at $1807/oz. On the other hand, the US dollar index in the spot market stood at 96.41. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future quoted at Rs. 47,654/10 grams, dropped by 0.56%, till last traded.
Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:
| City | 22 carat (INR/10 Grams) | 24 carat (INR/10 Grams) |
|---|---|---|
| Mumbai | 46,990/- | 47,990/- |
| Delhi | 47,200/- | 51,500/- |
| Bangalore | 45,050/- | 49,150/- |
| Hyderabad | 45,050/- | 49,150/- |
| Chennai | 45,340/- | 49,460/- |
| Kerala | 45,050/- | 49,150/- |
| Kolkata | 48,200/- | 50,700/- |
Gold rates have fallen sharply today, as US President Joe Biden announced Jerome Powell's name as the next US Fed Chairman. Earlier, analysts were expecting a more dovish President. Then gold rates could hike more. But with the announcement of Powell, the monetary policy of the country is anticipated to remain the same.
Gold rates, earlier this month were hiking significantly, due to inflation concerns. Investors were expecting gold rates to range at $1900 soon. But the recent event of Jerome Powell, becoming the Fed Chair again, will drag down gold rates in the international markets. In India, gold rates are getting down, which is profitable for common buyers.
