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Indian Gold Rates Rises By Rs. 370, On Nov 27: See Why

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Indian gold rates today, on November 27, have rallied by Rs. 370/10 grams, mirroring the global trend. Today in India, 22 carat gold rates are quoted at Rs. 47,310/10 grams and 24 carat gold rates are quoted at Rs. 48,310/10 grams. In major cities like Delhi, Bangalore, and Kerala gold rates have gained by Rs. 200, in Kolkata and Chennai gold rates have fallen by Rs. 200/10 grams today.

 
Indian Gold Rates Rises By Rs. 370, On Nov 27: See Why

Today the Comex gold December futures gained by 0.07% and were quoted at $1785/oz, while the spot gold prices fell by 0.15%, and were quoted at $1786.7/oz till last traded. Yesterday Comex December gold futures closed at $1784.3/oz. On the other hand, the US dollar index in the spot market stood at 96.07. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in December future quoted at Rs. 47,640/10 grams, gained by 0.46%, till last traded.

Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai47,310/-48,310/-
Delhi47,200/-51,490/-
Bangalore45,050/-49,150/-
Hyderabad45,050/-49,150/-
Chennai45,240/-49,350/-
Kerala45,050/-49,150/-
Kolkata47,000/-49,700/-

Gold prices are rising in the international markets again, after a short-term fall, after the reappointment of Jerome Powell as the US Fed Chairman. But the PCE and CPI inflation concerns along with worries about the new Covid variant reported in South Africa, are again pushing investors towards gold. The precious metal again proved to be the safe-haven asset during a crisis.

(Also read: Indian Gold Rates Gains By Rs. 310, On Nov 26: As New Covid Variant Concern Rises)

"Not only are economists concerned about a slowing global economy, but any new lockdown measures will add further problems to the current supply disruptions. In other words, there is a growing risk of stagflation," analyst Neils Christensen told Kitco News. "With inflation on the rise, it is not surprising that the Federal Reserve is looking to tighten its monetary policy a little sooner than the end of next year. The pace of tapering could also speed up, but that still doesn't change the current environment," Neils added.

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