Indian Gold Rates To Remain Volatile Amid G7 Summit, US Q1 GDP Number: Analyst

In India, the 22-carat gold rate is quoted at around Rs. 47650/10 grams, and 24-carat gold rate is quoted at around Rs. 51980/10 grams, surging by Rs. 100 and Rs. 110, respectively. In the country, the yellow metal prices have gained by Rs. 200 in the past three days.

At present, the international gold markets are being moved by the high inflation pressures, and the commodity market is mostly staying bullish. If the inflation rate rises further, even after the interest rate hikes, gold rates can surge again. "Although the Fed continues to tough talk regarding inflation, there is only so much it can do, especially as supply chain issues continue to dominate the global economy. Gold remains well supported as abrdn (Investment company) warned that falling supply of critical base metals could end up leading to a global commodity war with nations worldwide chasing after the same resources," stated analyst Neils Christensen to Kitco News.

Commenting on the market situation, Dr. Ravi Singh, vice President and head of Research, Share India told the media, "Gold prices this week may show some volatility amid important events like G7 summit, US Q1 GDP numbers, and OPEC meeting. The movement in the dollar index may decide the trend of gold prices. Currently, gold may remain in consolidation zone till any major announcement triggers some move." Singh has mentioned the Buy Zone for gold above Rs. 50,750 for the target of Rs. 51,000. Gold's Sell Zone should be Below Rs. 50,500 for the target of Rs. 50,300.

Today, the Comex gold futures were quoted at $1,840.20/oz, surging by 0.54%, from the last trading day. Yesterday it was last quoted at $1,830.30/oz. The spot gold prices were last quoted at $1839.40/oz, surging by 0.66%, from the last trading day. The US dollar index in the spot market stood at 104.00, falling by 0.03%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,913/10 grams, gaining by 0.57%, from the last trading day.

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