Indian gold rates on September 24, have fallen marginally by Rs. 60/10 grams than yesterday's quotations. In India today 22 carat gold price is quoted at Rs. 45,240 and 24 carat gold is quoted at Rs. 46,240 per 10 grams. Both 22 carat and 24 carat gold have fallen by Rs. 60/10 grams. Today gold rates in the international future market have fallen by a tad. Today the Comex gold future fell by 0.22% at $1745, while the spot gold market gained only by 0.33% at $1749/oz. On the other hand, the US dollar index in the spot market gained by 0.33% today. In India, the Mumbai MCX gold in October future too fell by 0.33% at Rs. 45,903/10 grams today. However, the daily international gold prices are expected to fall further.
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)|
According to reports, gold prices were slightly up today in the morning as 'some risk aversion has returned to the marketplace late this week and that's prompting just a bit of safe-haven demand for the yellow metal, as well as some short-covering by the shorter-term gold futures traders'. After US Fed Chair Jerome Powell's optimistic statement yesterday at the end of the Federal Open Market Committee (FOMC) meeting about the USA's economic recovery, and a signal of gradual tapering, gold prices in the international markets fell immediately. Today also gold is not doing considerably well. The minor price gains are only because of daily ups and downs. This is not giving any hope to the investors.
Indian Bullion Jewellers Association (IBJA) which consists biggest gold dealers determines Indian gold rates depending on global markets. At the present market, virtual gold options are getting more popularity than physical gold, because of the easy access and better liquidity.