Gold rates in India have remained flat today, on November 22, the prices did not hike from the last trading day. Today in India, 22 carat gold rates are quoted at Rs. 48,280/10 grams and 24 carat gold rates are quoted at Rs. 49,280/10 grams. However, in Chennai, gold rates have fallen by Rs. 160 and Rs. 170/10 grams, respectively for 22 carat and 24 carat gold today.
Today the Comex gold December futures fell by 0.29% and were quoted at $1846/oz, while the spot gold prices gained by 0.06%, and were quoted at $1847/oz till last traded. Yesterday Comex December gold futures closed at $1861/oz, but dropped to $1844/oz once. On the other hand, the US dollar index in the spot market stood at 96.07, falling by 0.07%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future quoted at Rs. 48,829/10 grams 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)|
At the present moment, analysts, worldwide are keeping eyes on the US President Joe Biden's Federal Reserve Chair pick, whether it will remain Jerome Powell or Lael Brainard. This decision by the US President will lead the upcoming 4 years' monetary policy for the country. If the next Fed Chair remains dovish and does not hike the interest rate soon, gold can reach $1,900/oz.
However, the present gold market is going through year-end volatility, and prices are remaining soft, at around $1850/oz. Inflation worries kept gold rates surged from November this year, the next US Fed Chair will focus to control the surged inflation rate in the upcoming FY.