22 And 24 Karats Gold Rates In Bangalore & Chennai Steady, Check Rates Here

Prices hold steady

22 karats gold rates in Chennai was at Rs 47600, while 24 karats was at Rs 51930 per 10 grams. On the other hand the city of Bangalore saw gold rates at Rs 48,500 per 10 grams, while 24 karats saw gold rates at Rs 52,900 per 10 grams.

Global gold rates marginally lower

Indian gold rates always track global gold rates and the cues from across the globe were steady to marginally lower. Gold was marginally down by $1.5 per an ounce at 1774 an ounce.

There has been a fall in prices over the last couple of sessions, as investors believe that a strong employment data in the U.S., would prompt the US Federal Reserve to continue to aggressively hikes rates in Sept as well.

Gold has lost slightly less than 1% in reaction to the US economy adding 528,000 jobs in July, which significantly exceeded expectations of 250,000. At the time of writing, Dec Gold Futures trading at $1,774 after rising above $1,800 an ounce. Another 75 basis points hike in interest rates in the US cannot be ruled out, which should add pressure on gold prices.

Gold prices to remain steady

We at goodreturns believe that the gold markets would continue to hold steady in the coming days. In fact, we believe that gold for 22 karats and 24 karats would not gain much given that the interest rate trajectory in the US in clearly headed higher.

Investors who have been investing for the long-term should stay invested in gold. Equities too have rallied over the last couple of trading sessions, while gold has fallen. In India, gold rates would largely depend on the international markets.