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Indian Gold Rates Gained By Rs. 170, On Nov 20

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Indian Gold rates gained by Rs. 170/10 grams, on November 20. Today in India, 22 carat gold rates are quoted at Rs. 48,270/10 grams and 24 carat gold rates are quoted at Rs. 49,270/10 grams. However, in major cities like Delhi and Pune, gold rates have fallen by around Rs. 250-280/10 grams today.

Indian Gold Rates Gained By Rs. 170, On Nov 20

The Comex gold December futures fell by 0.53% and were quoted at $1851/oz, while the spot gold prices fell by 0.73%, and were quoted at $1846/oz till last traded. Yesterday Comex December gold futures closed at $1861/oz, but dropped to $1844/oz once. On the other hand, the US dollar index in the spot market stood at 96.02. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also fell by 0.40%, and quoted at Rs. 48,864/10 grams 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)
Mumbai48,270/-49,270/-
Delhi47,900/-52,250/-
Bangalore45,750/-49,910/-
Hyderabad45,750/-49,910/-
Chennai46,220/-50,420/-
Kerala45,750/-49,910/-
Kolkata48,300/-51,000/-

Gold rates in the international markets have been falling marginally since the last 5 days, although the trend was heading north at the first two weeks of the current month. But, at present the market is very cautious about the upcoming Fed Chair's name, investors are speculating that will Powell remain the Fed Chair or will Federal Reserve Governor Lael Brainard take up for the position.

In the next week, there will be a potential hurdle of holiday trading, because of the US Thanksgiving celebration. OANDA senior market analyst Edward Moya told Kitco News, "Trading activity will be thin, and we could have some exaggerated moves here. We are not going to see any new trends emerge next week unless we get the Brainard surprise. Otherwise, gold could be stuck in that consolidation pattern." he additionally stated, "gold will see choppy trading as the market tries to determine how dovish the Fed will end up being next year as inflation pressures build, he added."

Read more about: gold rate gold demand
Story first published: Saturday, November 20, 2021, 14:02 [IST]
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