In line with the last week's declining trend, at the starting of this trading week, gold prices in India dropped again marginally. Today, on September 13, the 22 carat gold rate is quoted at Rs. 46,010, whilst the 24 carat gold is quoted at Rs. 47,010 per 10 grams. In the international spot gold market the prices increased by only a 0.14% at $1790.30/oz, till 3.27 PM IST. The Comex gold rate dropped marginally by a 0.04% at $1791.3, and the MCX gold in October future in Mumbai was up by 0.12% as of 3.32 PM IST, today. However, the US dollar index, on the international spot market, was up by 0.13%, driving the gold rates down by a tad as gold is a dollar-dominated asset class. In India, Indian Bullion Jewellers Association (IBJA) determines the gold rates, depending on the current market trend.
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 present gold market is quite a volatile one, the investors are not completely sure about where to take the shelter. Gold rates have been mostly down in the last week, and at the start of this trading week, although the US economic condition did not show robust growth. Mixed anticipation regarding the US Fed tapering is not allowing investors to be very sure about the future.
On the other hand, some economists are also skeptical about the yellow metal and asking buyers to focus more on equities and hard assets, when the markets of these are climbing high. Gold is now quoted below $1,800 in the global markets and the rates are not expected to reach 2020's levels very soon. Hence, some investors are being doubtful.