On October 14, in the intentional gold futures and spot gold markets, gold rates are being quoted nearly $1800 again, and in line with that, Indian gold rates have also increased significantly after along time. Indian gold rates have gained by Rs. 680/10 grams. Today, 22 carat gold rates are quoted at Rs. 46,970/10 grams and 24 carat gold rates are quoted at Rs. 47,970/10 grams. The Comex gold future hiked by 0.15% and was quoted at $1797, while the spot gold prices hiked by 0.19% and were quoted at $1797.20/oz till 2.30 PM IST. On the other hand, the US dollar index in the spot market stayed at 93.82 at the same time, dropped by 0.21% than yesterday's position. In India, the Mumbai MCX gold in October future gained by 0.20% today till 2.31 PM IST and was quoted at Rs. 48,014/10 grams. The earlier day, International Monetary Fund (IMF) reduced the growth rate of the global economy and sounded concerned about the US economic recovery. That impacted the gold rates positively.
Additionally, The US Bureau of Labor Statistics stated that the consumer prices hiked by 0.4% in September, and stayed at concerning 5.4% position. So, as a hedge against inflation, gold rates are rising now. Also, the US Fed's September meeting's minutes were out on Wednesday. Federal Open Market Committee (FOMC) meeting minutes said, "Participants generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate."
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)|
The minutes later added, "The path featured monthly reductions in the pace of asset purchases, by $10 billion in the case of Treasury securities and $5 billion in the case of agency mortgage-backed securities." Various participants stressed that economic conditions were likely to justify keeping the rate at or near its lower bound over the next couple of years. However, several participants raised the possibility of beginning to increase the target range by the end of next year because they expected that the labor market and inflation outcomes specified in the Committee's guidance on the federal funds rate might be achieved by that time; some of these participants saw inflation as likely to remain elevated in 2022 with risks to the upside, the minutes mentioned. The gold prices are upscaled at the present market, as inflation is a big concern now.