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Gold Rates Remains Flat In India Before Diwali, Quoted At At Rs. 47,070/10 Grams, On Oct 18
Indian gold rates remained flat on October 18, while dropped marginally in the global markets. Today, 22 carat gold rates are quoted at Rs. 47,070/10 grams and 24 carat gold rates are quoted at Rs. 48,070/10 grams. The Comex gold future dropped by 0.37% and was quoted at $1761.8, while the spot gold prices dropped by 0.35% and were quoted at $1762.20/oz till 4.02 PM IST. On the other hand, the US dollar index in the spot market was at 94.13 at the same time and gained by 0.16%. In India, the Mumbai MCX gold in October future has fallen only by 0.06% today till 4.03 PM IST, and was quoted at Rs. 47,185/10 grams. As the tapering timeline is expected to be announced earlier than expected, gold prices are probably not going to hike significantly now.
Earlier, international gold rates headed north as the International Monetary Fund (IMF) lowered the global economic growth forecast at 5.9% from the previous anticipation of 6%. Risks related to supply chain, price pressures, and the delta variant coronavirus is behind it. Additionally, US economic growth has been was lowered from 7% to 6% because of supply bottleneck. Hence the gold prices reached nearly $1800/oz, but dropped later. Now the gold rates are again being quoted at around $1760/oz, globally. Gold price at around $1760/oz is being considered as a moderate point, not far down, not exceeding the level.
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) |
|---|---|---|
| Mumbai | 47,070/- | 48,070/- |
| Delhi | 46,450/- | 50,670/- |
| Bangalore | 44,300/- | 48,330/- |
| Hyderabad | 44,300/- | 48,330/- |
| Chennai | 44,620/- | 48,680/- |
| Kerala | 44,300/- | 48,330/- |
| Kolkata | 46,750/- | 49,450/- |
On the present market range, Anna Golubova told Kitco, "But despite Friday's sell-off, bullish sentiment is still out there, especially with geopolitical tensions flaring up. And the focus is not only gold."
Commenting on the earlier price hike of gold at $1800, OANDA senior market analyst Edward Moya told Kitco News, "This is a major reversal of trends and very positive for gold. We are starting to see the market growing nervous about the U.S. consumer. Gold is entering a period where risks now outweigh the reopening trade, and we'll see more safe-haven flows into gold."
