Indian Gold Rates Gained By Rs. 300, After Almost A Week, Global Gold Rates Rallied

Gold markets are mostly bearish in India, throughout December. However, on December 23, gold rates gained by Rs. 300 after almost a week in India. The 22 carat gold rates are quoted at Rs. 47,300/10 grams and 24 carat gold rates are quoted at Rs. 48,300/10 grams in India. Gold rates in Chennai, Kerala, and Bangalore have also surged by Rs. 190-200/10 grams. The rates in India gained in line with the international trend, as gold has crossed the $1800/oz level today.

Today, gold rates gained marginally globally, but December has been a slow year for gold. The month is about to end and yet the gold market did not perform like the last year when gold reached $2000/oz for a long time. Rather the precious metal this year, moved around $1680-$1800/oz, mostly. Inflationary concerns, sometimes helped the gold rate to gain significantly, but the pace did not last long. The employment scenario in the USA started to recover, along with manufacturing growth. This hampered the gold market boom globally in December.

Jordan Eliseo, Senior manager of listed products and investment, The Perth Mint told Kitco News, "This year has been quieter in terms of Western investment markets. We haven't seen too many people selling out, but we haven't seen the same level of inflows that we did in the previous 18 months." Commenting on the previous trend of the gold market, Eliseo added, "Gold performed incredibly well in the two years leading into late 2019. I think that this 15% pullback from the 2020 all-time highs needs to be put in that context."

The global equity market has seen a great boost in 2021, which has been another reason, gold failed to pull off at 2020 rates. Also, the US dollar index is showing good performances, and increased around 8% this year. The yield on 10-year Treasuries in the USA has also performed better than anticipated. Additionally, alternative investment options are gradually getting more popularity among investors now, but equity and cryptocurrency have taken a lot more space in them than estimated. So, the gold market has been under marginal pressure, but the metal has given good support prices.

Gold rates 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	47,300/-	48,300/-
Delhi	47,500/-	51,800/-
Bangalore	45,350/-	49,480/-
Hyderabad	45,350/-	49,480/-
Chennai	45,560/-	49,500/-
Kerala	45,350/-	49,700/-
Kolkata	47,500/-	50,200/-

Today the Comex gold futures fell only by 0.24% and were quoted at $1806/oz, while the spot gold prices surged marginally by 0.23%, and were quoted at $1809/oz till last traded. Yesterday Comex gold futures closed at $1801.6/oz. Additionally, the US dollar index in the spot market went to 96.13, gained only by 0.02%, till last traded. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,280/10 grams, surged by 0.17%, till last traded.