Indian Gold Rates Quoted At Rs. 47,070/10 Grams, On Oct 16

On October 16, gold prices again dropped in the international market around 1.60%. after the US inflation data was published, the gold rates gained significantly, but the prices could not stay firm at the position. Hence, in line with the global trend, Indian gold prices also did not hike. However, in major cities in the country, gold rates have decreased marginally today, before Diwali, one of the biggest festive seasons in India. Today, 22 carat gold rates are quoted at Rs. 47,070/10 grams and 24 carat gold rates are quoted at Rs. 48,080/10 grams.

The Comex gold future fell by 1.65% and was quoted at $1768.3, while the spot gold prices dropped by 1.60% and were quoted at $1768.40/oz till 2.56 PM IST. On the other hand, the US dollar index in the spot market stood firm at 93.94 at the same time. In India, the Mumbai MCX gold in October future fell by 1.40% today till 2.56 PM IST and was quoted at Rs. 47,214/10 grams. The gold rates in the international markets are not expected to hike significantly any time soon.

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)
Mumbai	47,070/-	48,070/-
Delhi	46,350/-	50,560/-
Bangalore	44,200/-	48,220/-
Hyderabad	44,200/-	48,220/-
Chennai	44,650/-	48,710/-
Kerala	44,200/-	48,220/-
Kolkata	46,750/-	49,450/-

The US Fed in its last meeting discussed the tapering timeline. The minutes of the meeting was published recently that said, the central bank can start tapering from the year-end. So, the gold traders are now worried a bit. As Indian gold rates depend on global markets, so the same trend will be reflected in India. Indian gold rates can also drop by the year-end.