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Indian Gold Rates Gains By Rs. 310, On Nov 26: As New Covid Variant Concern Rises
Gold prices in India today, on November 26, gained by Rs. 310/10 grams in line with the international trend, as concerns of a new Covid variant hiked in the global markets. Today in India, 22 carat gold rates are quoted at Rs. 46,940/10 grams and 24 carat gold rates are quoted at Rs. 47,940/10 grams. In most of the cities like Delhi, Bangalore, Chennai, and Kolkata gold rates have rallied up to Rs. 150/10 grams today. In Ahmedabad and Chennai, gold rates have gained by Rs. 460/10 grams today.
Today the Comex gold December futures gained by 1.47% and were quoted at $1810.5/oz, while the spot gold prices fell by 1.52%, and were quoted at $1816.5/oz till last traded. Yesterday Comex December gold futures closed at $1784.3/oz. On the other hand, the US dollar index in the spot market stood at 96.25, falling by 0.54%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future quoted at Rs. 48,200/10 grams, gained by 1.64%, 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 | 46,940/- | 47,940/- |
| Delhi | 47,000/- | 51,280/- |
| Bangalore | 44,850/- | 48,930/- |
| Hyderabad | 44,850/- | 48,930/- |
| Chennai | 45,420/- | 49,560/- |
| Kerala | 44,850/- | 48,930/- |
| Kolkata | 47,200/- | 49,900/- |
Gold rates in the global markets have gained more than 1.50% today as overnight a new variant of Covid named B.1.1.529 has been identified in South Africa. A new variant means again the equity markets will be affected and the demand-supply system in the economies will be affected. During the first wave and second wave of the pandemic, this happened and investors are expecting a similar situation this time too. Delta variant has impacted the economy negatively, and it was reported that the available vaccines are not effective enough against the delta variant. The B.1.1.529 is a new variant and scientists will probably have to modify the vaccines to make them effective against it.
(Also read: Gold Rates Are Gaining Globally, As US PCE Inflation Rises: New Covid Variant Concerns)
In that situation, investors are increasing the demand for gold, and gold rates have increased significantly in the global markets and India, overnight. The equity markets on the other hand struggled largely.
