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Indian Gold Rates Up Sharply, US - China Geopolitical Tensions Boosting Gold Demand: Check Rates

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Following the international commodity price trend, Indian gold prices and silver prices are also sharply up today. On August 9, the 22-carat gold rate stood at Rs. 47,950/10 grams, and 24-carat gold rate stood at around Rs. 52,310/10 grams. The present fall in the US Dollar index is significantly pushing the gold rates up this week. Additionally, according to a recent Bloomberg report, "As geopolitical tensions between the US and China persisted, boosting haven demand. Bullion is hovering near a four-week high as the fallout from US House Speaker Nancy Pelosi's visit to Taiwan keeps markets on edge, the article explains. The Bloomberg Dollar Spot Index was little changed after slipping earlier on Thursday."

 
Indian Gold Rates Up Sharply,US-China Geopolitical Tensions Boosting Gold Demand

In July, Indian gold rates have fallen by 1.36% showing a bearish trend but the level of fall has dipped. In June, the yellow metal had fallen 1.79% in the domestic markets. Now, the US Fed is hiking the interest rates consistently to control the mounting headline inflation, while many analysts are also anticipating a recession this year. But the employment scenario significantly improved in the US in July. So, with a mixed economic trend, gold rates are also showing mixed trends every week. However, gold is considered a safe haven and it is suggested to investors to have at least a 15-20% portfolio in gold for good long-term returns and safe earnings.

Today, the Comex gold futures were quoted at $1,800.90/oz, falling by 0.24%, from the last trading day. Yesterday it was last quoted at $1,805.20/oz. The yellow metal fell by 2.21% this year in the futures market. The spot gold prices were last quoted at $1785.50/oz, falling by 0.26%, from the last trading day. The US Dollar index quoted at 106.30, falling by 0.03%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 52261/10 grams, gaining by 0.75%, from the last trading day.

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

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai47,950/-52,310/-
Hyderabad47,950/-52,310/-
Kerala47,950/-52,310/-
Delhi47,950/-52,310/-
Kolkata47,950/-52,310/-
Bangalore48,000/-52,360/-
Chennai48,800/-53,240/-

Read more about: gold price gold rates inflation
Story first published: Tuesday, August 9, 2022, 13:08 [IST]
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