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Indian Gold Rates Gained By Rs. 40 Ahead Of Festive Season, On Sept 27

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Today on September 27, gold prices in the international future markets and spot market have fallen by a tad, failed to maintain even its $1750 level. This week important data will be published on US durable goods orders, GDP Q2 report, and Personal Consumption Expenditures (PCE) price index which is used by the US Fed to measure inflation. However, the Indian gold rates have gained by Rs. 40/10 grams today, ahead of the upcoming festive season in the country. Today, 22 carat gold is quoted at 45,280 while 24 carat gold is quoted at Rs. 46,280 in India, as fixed by the Indian Bullion Jewellers Association (IBJA).

 
Indian Gold Rates Gained By Rs. 40 Ahead Of Festive Season, On Sept 27

The Comex gold future fell by 0.19% at $1748, while the spot gold market fell by 0.14% at $1748/oz today till 4.50 PM IST. On the other hand, the US dollar index in the spot market gained by 0.11% today. In India, the Mumbai MCX gold in October future fell by 0.10% at Rs. 45949/10 grams till today afternoon. IBJA is concerned about consistent fall in gold prices and ahead of the festive season, they hiked daily gold prices only by a tad. However, in many major Indian cities gold rates have dropped than yesterday's prices.

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)
Mumbai45,280/-46,280/-
Delhi45,500/-49,640/-
Bangalore43,350/-47,290/-
Hyderabad43,350/-47,290/-
Chennai43,510/-47,470/-
Kerala43,350/-47,290/-
Kolkata45,750/-48,450/-

US Federal Reserve Chair Jerome Powell will decide the tapering timeline, in the next November meeting. So, this week's economic data will be a driving force behind his decisions. The present gold market is thus going through trouble now and falling mostly every day. However, the latest report by Morgan Stanley noted, "Historically, both gold and silver have made solid gains when US inflation is rising. Both metals are valued in US dollars, so when the dollar falls in value, gold and silver typically rise because they become less expensive to buy using other currencies. Given greater industrial demand, silver tends to rise more than gold with rising inflation and a falling dollar." In the present situation when the US economy is recovering fast, gold as an asset class is losing its value and the prices are falling.

Read more about: gold gold price gold rates india
Story first published: Monday, September 27, 2021, 17:06 [IST]
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