Indian Gold Rates Remained Subdued On January 10, Quoted At Rs. 46,610

The poor performance of US non-farm payrolls data only increased to 199,000 in December, failing the estimations. On the other hand, the country's unemployment rate fell to 3.9%, which too failed the estimation of a 4.1% decline. By this, analysts expected that gold can surge further. However, the momentum of the rally did not last very long. Gold is traded against the US dollar, and with a marginal gain in the US dollar, gold rates fell in the global markets, and Indian gold rates too stayed subdued today.

The US investment bank Morgan Stanley, earlier estimated that in 2022 the average rate of gold can stay around $1621/oz. The banks have given a bearish comment as it was expecting that the US Fed will be more stringent against inflation and can hike the interest rates soon. So the gold price will eventually fall. Additionally, Kitco News reported that Bart Melek, TD Securities head of global strategy told the house, "Omicron is having an impact. We are already starting to see that in the employment data."

The recently published US Fed in its November FOMC meeting minutes mentioned, "Participants generally noted that, given their individual outlooks for the economy, the labor market, and inflation, it may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated." "Some participants also noted that it could be appropriate to begin to reduce the size of the Federal Reserve's balance sheet relatively soon after beginning to raise the federal funds rate." This minutes left an immediate impact on the international gold rates, and in India, gold rates fell 3 days in a row.

Indian gold prices, on January 10, 2022, remained flat today as the last trading day. The 22 carat gold prices are quoted at Rs. 46,610/10 grams and 24 carat gold rates are quoted at Rs. 48,610/10 grams. However, in Chennai gold rates fell by Rs. 210, and in Bangalore, and Hyderabad the metal fell by Rs. 110-350/ 10 grams. International markets too performed bearish today.
Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:

The Comex gold futures fell by 0.27% and were quoted at $1792.6/oz, till last traded. On the earlier day, Comex gold futures closed at $1797.4/oz. The spot gold prices were quoted at $1795.7/oz, falling by 0.13%, till last traded. The US dollar index in the spot market stood at 95.89, gaining by 0.10%. However, in India, the MCX gold in February future quoted at Rs. 47,387/10 grams, falling marginally by 0.14%, till last traded.