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Indian Gold Rates Hiked Significantly By Rs. 810, On Nov 8, Inflation Influenced

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Indian gold rates today on November 8 have increased significantly by Rs. 810/ 10 grams, breaking previous anticipations of price fall. Today 22 carat gold rates are quoted at Rs. 47,030/10 grams and 24 carat gold rates are quoted at Rs. 48,030/10 grams. In major Indian cities like Kolkata, Bangalore, Delhi gold rates have hiked marginally or remained flat, while Bhubaneswar gold rates have increased by Rs. 470/10 grams.

 
Indian Gold Rates Hiked Significantly By Rs. 810, On Nov 8, Inflation Influenced

The Comex gold December futures today hiked by 0.10% and was quoted at $1818.7/oz, while the spot gold prices also fell by 0.08%, and were quoted at $1817.6/oz till 3.46 PM IST. On the other hand, the US dollar index in the spot market stood at 94.33, increased by 0.06% than yesterday. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also hiked by 0.82%, and was quoted at Rs. 47,942/10 grams, till 3.42 PM IST today. Crossing the $1820/oz level, today's Comex December gold futures were also traded at $1823/oz, making it today's highest range.

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)
Mumbai47,030/-48,030/-
Delhi47,260/-51,560/-
Bangalore45,110/-49,210/-
Hyderabad45,110/-49,210/-
Chennai45,440/-49,570/-
Kerala45,110/-49,210/-
Kolkata47,510/-50,210/-

Gold prices in the international markets and in India is growing due to inflationary pressures. After the US Fed's November FOMC meeting Jerome Powell on interest rate stated, "The Committee decided to keep the target range for the federal funds rate at 0 to 1/4% and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2 percent for some time." Not just US Fed, other major central banks of European countries are also worried about inflation. But they agreed that an interest rate hike might be detrimental to the economic recovery now.

 

Analyst Gary Wagner, commenting on the gold price hike told Kitco, "The bullish market sentiment for gold due to the high inflation levels had a much more pronounced effect than the strong jobs report which resulted in gold opening at $1792 and closing at $1820. The exceedingly strong jobs report and the dramatic rise in gold pricing over the last two days indicate that traders and investors are much more focused upon the current level of inflation than on additional jobs being added in the United States."

Story first published: Monday, November 8, 2021, 16:10 [IST]
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