Indian Gold Rates Up By Rs. 310, US Dollar Gained Marginally, On December 7: What Is The Upcoming Trend?

Gold rates in India, on December 7 have gained by Rs. 310/10 grams today. In the country, 22 carat gold rates are quoted at Rs. 46,820/10 grams and 24 carat gold rates are quoted at Rs. 47,820/10 grams. However, gold rates in Chennai have fallen by Rs. 80/10 grams today.

Today the Comex gold futures gained by only 0.15% and were quoted at $1780.2/oz, while the spot gold prices fell only by 0.01%, and were quoted at $1779.7/oz till last traded. Yesterday Comex gold futures closed at $1777.5/oz. On the other hand, the US dollar index in the spot market stood at 96.38, surging marginally by 0.11%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 47,936/10 grams, gained only by 0.05%, till last traded.

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

Gold rates and the US Dollar index are adversely related to each other. Gold in the international markets is traded against the US Dollar. Today, US Dollar has gained marginally globally in the spot markets, marking the gold rates lower than yesterday.

Gold rates in December are quite volatile because investors are not very much sure about the upcoming global economic trend. They are certainly concerned about the Omicron Covid virus, which can affect the global economy. So, that will be the scope for gold rates to be bullish again globally.

However, investors are also thinking that the US Fed, will be militant against the high inflation rate, to increase common people's purchasing capacity. So, a tighter monetary policy is awaited. This is again not helping the gold rates to gain internationally significantly.