Indian Gold Rates Rises Marginally, On December 8: See Rates

Indian Gold prices are not gaining much since the last week. On December 8, gained by Rs. 310/10 grams today. In the country, 22 carat gold rates are quoted at Rs. 46,840/10 grams and 24 carat gold rates are quoted at Rs. 47,840/10 grams. However, gold rates in Bangalore, Delhi have gained by Rs. 190/10 grams, and gold rates in Chennai have surged by Rs. 220/10 grams today.

Today the Comex gold futures gained by only 0.33% and were quoted at $1788.4/oz, while the spot gold prices gained only by 0.17%, and were quoted at $1788.10/oz till last traded. Yesterday Comex gold futures closed at $1782.6/oz. On the other hand, the US dollar index in the spot market stood at 96.23, falling marginally by 0.06%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,175/10 grams, gained by 0.24%, till last traded.

Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:

The bullish trend of the gold market is not being witnessed in India and the global markets now. In the US, government bond yields are rising, with most asset classes carrying large amounts of embedded duration. Hence, gold rates are under pressure now. Even if the gold rates are gaining, but not significantly. However, this is profitable for common Indians to show more gold demands.

Gold market analysts are expecting that the $1800/oz level can be the highest gain in December, as the present trend is indicating. In a report, Kitco News mentioned, "We believe the end of gold bullion's consolidation is near. Since gold's August 2020 peak (see Figure 1), the metal has been consolidating the breakout from the multi-year base pattern. Though the past year has seen many price swoons and exhausting trading, gold was never in danger, technically, of breaking its secular bullish pattern."

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2021 has also been a very eventful year for the gold market, with a high inflation rate, US interest rate down at a historically low level, and a poor employment situation. However, with US tapering expectations, gold is not anticipating major correction immediately. "As we wind down 2021, we see several elevated markers of macro risk that the market will not likely be able to ignore for much longer - risks that we believe to be in the regime-changing category," the Kitco News report mentioned.