Indian Gold prices have surged by Rs. 90/10 grams today, on November 11, after USA's Labor Ministry reported a 6.2% hike in CPI inflation. Today in India, 22 carat gold rates are quoted at Rs. 47,340/10 grams and 24 carat gold rates are quoted at Rs. 48,340/10 grams. In major Indian cities like Kolkata, Delhi, Bangalore, and Kerala gold prices have hiked significantly by Rs. 700-850/10 grams today. Worries about higher inflation kept gold prices surged in the current month, after the USA reported an inflation rise of more than 30 years, gold rates, along with other asset classes, surged significantly.
The Comex gold December futures today surged by 0.80% and was quoted at $1863/oz, while the spot gold prices fell by 0.61%, and were quoted at $1862/oz till 2.44 PM IST. Yesterday Comex December gold futures closed at $1843/oz. On the other hand, the US dollar index in the spot market stood at 95.03, gaining by 0.21% than yesterday. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also hiked by 0.93%, and was quoted at Rs. 49,306/10 grams, till 2.43 PM IST today.
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)|
Gold is a hedge against inflation and investors always intend to take shelter under gold when government bonds are not lucrative and the inflation rate rises. At the present market, the same concern is keeping the gold rate at a bullish trend. Today the Comex gold rate's highest range was $1866, and this indicates that gold rates are going to reach the $1870 mark any time soon this month.
The US Fed is skeptical to hike the interest rate soon now, because of the poor employment scenario and supply chain bottlenecks. But it will be a challenge for the country to keep the inflation within 2% as said. The USA's CPI inflation is standing at 6.2% now. So, against inflation concerns, gold rates are increasing globally now, which is also impacting Indian gold prices similarly.