Indian Gold Rates Quoted At Rs. 49,550/10 Grams: Gold Into A Familiar Territory

Today, on April 16, 22 carat gold rates are quoted at Rs. 49550 and 24 carat gold rates quoted at Rs. 54060/10 grams. With Russia's continuing attacks on Ukraine, gold is strengthening in the international markets, Reflecting the same trend, Indian gold rates are also gaining in the domestic markets. According to reports, above 900 bodies have been found in areas around Kyiv, and most of them have been 'simply executed', with 95% dying from gunshot wounds. So, gold is continuing to be a safe haven.

The yellow metal in the Comex futures is being quoted into a 'familiar territory' around $1984/oz, and the rates have 'moved back into a wedge-type formation'. More recently the price has moved to the lower bound of the pattern and bounced back up. Analysts are thinking that the support level of gold is $1975.90/oz. A massive consolidation area can be looked at $1977.85/oz, where the gold rates seem to gravitate. Additionally. In the global markets, gold has recently bounced off the 200-day simple moving average (SMA).

Looking at the potential of the gold rates and significant improvement in the mining sector, mining analyst Ian Telfer told Kitco News, "Mining companies need to aggressively grow their reserves through mergers and acquisitions if they want to attract new investors. I don't know any investor who buys a gold stock for the dividend. The only people that buy gold shares are people who think the price of gold is going higher." Additionally, Telfer thinks that attracting 'investors with share buybacks and increased dividends' is a mistake.

The Comex gold futures were quoted at $1977.10/oz, falling by 0.38%, till last traded. Yesterday it was last quoted at $1984.70/oz. The spot gold prices are quoted at $1975.80/oz, falling by 0.13%, till last traded. On the other hand, the US dollar index in the spot market stood at 100.52. In India, the MCX gold in June future was quoted at Rs. 52,991 grams, falling by 0.17%, till last traded.