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USA Can Hike Interest Rate In March, Gold Is Reacting Marginally Bullish
In the international market, gold has been traded marginally volatile this month, as investors were stuck in between inflation worries and Fed's hawkish move. However, the US central bank has recently stated that they will not hike the country's interest this year, only the next year it will rise in March 2022. Hence, the gold rates are marginally bullish now. Even when the Fed sounded hawkish, the precious metal has shown significantly resilient strength. The last month, was an upbeat time for gold.
However, Indian gold rates have fallen only by a tad today, as the IBJA is interested in augmented gold demand in the domestic markets. In the MCX, gold futures have also fallen. Falling by Rs. 40/10 grams, on December 20, the 22 carat gold rates are quoted at Rs. 47,640/10 grams and 24 carat gold rates are quoted at Rs. 48,640/10 grams in India. In Chennai, Bangalore, and Madurai, gold has fallen marginally, while in Kolkata gold rates have gained by Rs. 100.
Being bullish about the upcoming international gold rates, Standard Chartered precious metals analyst Suki Cooper stated to Kitco News, "Gold had likely priced in the likelihood of accelerated tapering given its sensitivity to high inflation prints." Gold in the Comex is staying below $1800/oz at present, however, Standard Chartered thinks that metal can rise to $1,875/oz in Q1, next year.
Additionally, Commenting about the precious metal's relation with other variable factors, Cooper told Kitco News, "Gold has shifted lately to tracking real yields more closely than the USD. While this should provide greater upside risk to gold over the medium term, conviction is low in the near term. Prices are likely to attempt another breach of USD 1,800/oz next year as the USD is likely to weaken and real yields remain negative. We expect prices to average USD 1,774/oz in 2022."
Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:
| City | 22 carat (INR/10 Grams) | 24 carat (INR/10 Grams) |
|---|---|---|
| Mumbai | 47,640/- | 48,640/- |
| Delhi | 47,850/- | 52,200/- |
| Bangalore | 45,700/- | 49,850/- |
| Hyderabad | 45,700/- | 49,850/- |
| Chennai | 45,910/- | 50,100/- |
| Kerala | 45,700/- | 49,850/- |
| Kolkata | 47,950/- | 50,650/- |
Today the Comex gold futures gained only by 0.40% and were quoted at $1803.8/oz, while the spot gold prices gained by only 0.04%, and were quoted at $1800.4/oz till last traded. Yesterday Comex gold futures closed at $1796.6/oz. Additionally, the US dollar index in the spot market went to 96.59, fell by only 0.05%, till last traded. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,434/10 grams, fell by 0.33%, till last traded.
