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Indian Gold Rate Gained By Rs. 90, On Oct 12, Passed US Employment Data Impact

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Today, on October 12, Indian gold prices have gained only by Rs. 90/10 grams than yesterday and have passed the immediate impacts of a weak US employment data of September. Today, 22 carat gold rates are quoted at Rs. 46,030/10 grams and 24 carat gold rates are quoted at Rs. 47,030/10 grams. The Comex gold future hiked by 1.20% and was quoted at $1756, while the spot gold prices hiked by 0.23% and were quoted at $1758/oz till 2.04 PM IST. On the other hand, the US dollar index in the spot market fell 0.08% and stayed at 94.29 at the same time. In India, the Mumbai MCX gold in October future gained by 0.30% today till 2.25 PM IST and was quoted at Rs. 47,190/10 grams. However, during the festive season, IBJA is trying to keep the gold rates in a surging position, and in most Indian cities, gold prices have increased marginally.

 
Indian Gold Rate Gained By Rs. 90, On Oct 12, Passed US Employment Data Impact

The international gold rates immediately hiked as the US published weak employment data, expecting the economy is not recovering as fast as was expected. But now, the international rates have again came under pressure as the US bond yield is rising. ABN AMRO senior precious metals strategist Georgette Boele stated in a report."So far this year, gold prices have declined by 7.5%. The gold price outlook remains negative. We keep our year-end forecast at US $1,700/oz and end of 2022 at US $1,500/oz."

Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai46,030/-47,030/-
Delhi46,300/-50,510/-
Bangalore44,150/-48,160/-
Hyderabad44,150/-48,160/-
Chennai44,300/-48,320/-
Kerala44,150/-48,160/-
Kolkata46,500/-49,200/-

"Investors have adjusted their expectations regarding the Fed. They expect the Fed to hike rates quicker than they had earlier expected. Moreover, 2y U.S. Treasury yields and 2y real yields have risen to reflect this. In addition, the U.S. dollar has risen by 5% this year. Gold prices tend to weaken when the dollar rises." Georgette Boele added in the report, "We expect the Fed to start hiking early 2023."

Read more about: gold gold rates gold price india
Story first published: Tuesday, October 12, 2021, 14:45 [IST]
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