Indian gold rates dropped marginally in the domestic market today, on September 14, in line with the global trend. In India, 22 carat gold is quoted at Rs. 46,000 and 24 carat gold is quoted at Rs. 47,000 per 10 grams today, exhibiting a fall of only Rs. 10. In the international spot gold market, the prices dropped by 0.48% at $1785.90/oz, till 4.18 PM IST. The Comex gold rate dropped marginally by 0.35% at $1788.2, and the MCX gold in October future in Mumbai was down by 0.23% as of 4.19 PM IST, today. However, the US dollar index, on the international spot market, was up by a minor 0.01%. Discussions about the US Fed tapering is keeping the international gold prices under a tight leash.
Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
However, according to reports, "US CPI data could throw a spanner in the works later in the session." Ahead of the US CPI data, the market started quite volatile this morning and positive expectations are dragging the gold prices down in the global markets. Again, the US Fed is discussing a reduction in the bond-buying scale, so the gold rates are not giving much hope. On the other hand, US equities investors are aiding the US stock market before CPI data release, hence today the gold market is down a bit.
Daily gold rates in India are fixed by the Indian Bullion Jewellers Association (IBJA) daily, and the association is keeping a close eye on the US CPI data now to anticipate the upcoming market trend.