Indian Gold rates, on December 6 have remained the same as the last trading day. Today in India, 22 carat gold rates are quoted at Rs. 46,510/10 grams and 24 carat gold rates are quoted at Rs. 47,510/10 grams. However, gold rates in Chennai have fallen by Rs. 40/10 grams, while gold rates in Kolkata gained by 240/10 grams, and Pune gold rates gained by Rs. 460/10 grams today.
Today the Comex gold futures fell by only 0.05% and were quoted at $1781.1/oz, while the spot gold prices fell by 0.10%, and were quoted at $1781.8/oz till last traded. Yesterday Comex gold futures closed at $1782/oz. On the other hand, the US dollar index in the spot market stood at 96.25, surging by only 0.06%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 47,980/10 grams, gained by 0.16%, 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)|
Indian gold rates are fixed by the Indian Bullion Jewellers Association (IBJA) that consists biggest gold dealers in the country. At present, gold rates are not gaining in the international markets much, hence, in Indian markets, gold rates are under pressure at present.
Gold rates, in the global market, are waiting for some clarity now. In the last three weeks, gold rates have been volatile. On one hand, gold rates were gaining due to high inflation concerns. On the other hand, US Fed Chairman Jerome Powell sounded hawkish to control inflation in the country. But what steps are the Fed going to take?
Gold is only marginally high in the futures markets, while silver has fallen 0.44% initially. However, gold is performing better than gold in the global markets now. Gold prices are adversely related to interest rates fixed by the central banks. At present, investors are waiting for the US Fed's monetary policy to get some clarity about the upcoming interest rate, to understand the upcoming gold rate trend.