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Indian Gold Prices Quoted At Rs. 45,680/10 grams, On Oct 6
Today, on October 6, Indian gold prices are at a moderate position now. Today, 22 carat gold rates are quoted at Rs. 45,680/10 grams and 24 carat gold rates are quoted at Rs. 46,680/10 grams, same as yesterday. But in some of the major cities like Delhi, Bangalore, Chennai, Kolkata, and Pune, gold rates have fallen marginally. Ahead of the festive season, the gold rates can fall by a tad again, amid US tapering concern. Yesterday, the Institute for Supply Management (ISM), has released the US service sector data showing a 'stronger than expected momentum in September'. The non-manufacturing index showed a reading of 61.9% in September, which is higher than August's reading of 61.7%. Hence the gold rates dropped marginally. Also, the White House said that they are having full confidence in Jerome Powell's Fed monetary policy. These have helped the US dollar index to hike and moved gold rates lower.
The Comex gold future fell by 0.64% and was quoted at $1749, while the spot gold prices fell by 0.72% and were quoted at $1748/oz today till 2.24 PM IST. On the other hand, the US dollar index in the spot market hiked by 0.33% at 94.30 at the same time today. In India, the Mumbai MCX gold in October future fell by 0.36% than yesterday and was quoted at Rs. 46590/10 grams till today 2.34 PM IST. Gold prices are again being stagnant at the $1750 level as the US dollar index is rising marginally.
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 | 45,680/- | 46,680/- |
| Delhi | 45,750/- | 49,910/- |
| Bangalore | 43,600/- | 47,560/- |
| Hyderabad | 43,600/- | 47,560/- |
| Chennai | 43,920/- | 47,910/- |
| Kerala | 43,600/- | 47,560/- |
| Kolkata | 46,000/- | 48,700/- |
At present, US stocks are rising considerably, and US 10 years Treasury yields are increasing more than 1.55%. So, it is being a tough time for gold prices to gain significantly, but the metal has been able to stay at a moderate quotation. However, investment bank Jefferies Group mentioned, "Gold and Bitcoin remain essential hedges as the threat of stagflation - an environment of low growth and higher inflation - continues to grow." The bank later added, "Still, in the near-term gold will remain vulnerable to tapering concerns"
