Indian Gold Rates Quoted Around 3 Months Low, Good Investment? Check Gold Rates

Indian gold rates are being quoted at around a 3 months low level now. In May gold prices fell by 1.31%, and fell by 1.79% in the country. This trend is continuing in July with a bearish trend. Although it is an upsetting turn for the gold jewellers, analysts are expecting retail gold sales to gain with these falling rates. However, gold rates gained marginally today. On July 19, the 22-carat gold rate is quoted at around Rs. 46,300/10 grams, and 24-carat gold rate is quoted at around Rs. 50,510/10 grams, surging by around Rs. 100-120/10 grams. In the international markets also the yellow metal is more than 6 months low. However, gold is known to be a hedge against inflation, and offers very high returns in the long term. So, investors can buy gold now, when the gold rates are quite suppressed.

"A big drop in the U.S. dollar index this week is limiting selling interest in the precious metals. However, rising U.S. Treasury bond yields this week and a wobbly crude oil market are squelching the bulls. A lack of fresh, markets-moving economic or geopolitical news in mid-summer has metals traders languishing and looking more at the outside markets for direction. The yield on the 10-year U.S. Treasury note is fetching 3.00%," commenting on today's flat gold market, reported Kitco News.

Today, the Comex gold futures were quoted at $1,710.30/oz, gaining by only 0.005%, from the last trading day. Yesterday it was last quoted at $1,710.20/oz. The yellow metal dropped by 6.89% this year in the futures market. The spot gold prices were last quoted at $1714.50/oz, gaining by 0.22%, from the last trading day. The US Dollar index quoted at 106.64, falling by 0.74%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50347/10 grams, falling by 0.03%, from the last trading day.

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