In line with the international gold rates, in India gold prices have surged today, on September 6 by Rs. 120 for both 22 carat and 24 carat gold of 10 grams. Today the 22 carat gold rate is quoted at Rs. 46530 per 10 grams while 24 carat gold rate is quoted at Rs. 47530 in India. Since the end of last week, global gold rates are on the verge of inclination as US jobs data and the non-manufacturing index did not show expected performances, delaying the chances of tapering and interest rate hike. Additionally the delta variant Covid positive cases are accelerating again, and the US government will be more resilient and would not pull back economic stimulus.
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)|
However, on MCX gold in October future are going down only by 0.19% as of 3.37 PM IST today. However, today Comex gold rates are down by 0.39% at $1826.6s and international spot gold price too is down by 0.19% at $1825.20/oz as of 5.04 EDT.
India is one of the largest gold importers globally as domestically the country does not has considerable storage of gold under the earth to meet the demand. Hence, India Inc. has to import gold thus investors have to pay import tax, cess, GST, etc. As the gold prices rise in the international market, the gold will be more costly in the domestic market too. Daily Indian gold prices are fixed by the Indian Bullion Jewellers Association (IBJA) which consists biggest gold dealers. However, the union government is now promoting hallmarked gold jewelleries for the benefit to ensure the purity of gold. So, the buyers too should be careful at the time of investing in physical gold. It will help them in long term and assure the correct price at the time of resale. Gold is an assured investment for long-term return and it is a hedge against inflation. So, investors are focusing more on the precious metal, since last year, when the pandemic started off.