Today on September 28, gold rates have dropped again in the international future, and spot markets, went down even the $1740 level. IBJA today dropped daily Indian gold rates by Rs. 240/10 grams for both 22 carat and 24 carat gold. The 22 carat gold is quoted at Rs. 45,040 / 10 grams, while the 24 carat gold is quoted at Rs. 46,040 / 10 grams today. Indian gold rates are dependent on global gold prices, while international prices fell, it reflected the same trend in the Indian domestic markets. Gold is a dollar-dominated asset class, and the US dollar index in the spot market also hiked marginally. With fast economic recovery worldwide, gold is now losing its prices on a short-term basis. Hence, these factors dragged down Indian gold rates.
The Comex gold future fell by 0.71% at $1739, while the spot gold market fell by 0.61% at $1740/oz today till 3.19 PM IST. On the other hand, the US dollar index in the spot market gained by 0.21% today. In India, the Mumbai MCX gold in October future fell by 0.36% at Rs. 45,904/10 grams till today 3.48 PM IST. Although the future gold rates fell in the international markets, the IBJA hiked daily gold rates in the domestic market in India. But today, IBJA had to drop the prices marginally, ahead of the festive season. US durable goods orders, GDP Q2 report, and Personal Consumption Expenditures (PCE) price index data, yet to be published this week will further influence global gold markets.
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)|
Chris Vermeulen, chief market strategist of TheTechnicalTraders.com told Kitco News, "I think gold is trying to put in a base. I think it's going to try to range here before $1,700 and $2,000 until the end of the year, and next could be a very big year for gold." Vermeulen thinks that in short term it seems like a downward trend but in long term, we can expect a bullish pattern from gold. "For investors, it is an attractive looking chart," he said, showing the gold rate chart from 2019 to present days, as it went up and is going down now. "As an investment I like it, as a trade I do not like it at this point," Vermeulen added. However, the investors and traders are now waiting for US Federal Reserve Chair Jerome Powell's decisions over the tapering timeline in the USA, as it will decide the metal's future in the next year.