Spot gold rates in India have increased marginally today after yesterday's fall. On 20th August, today 22 carat gold of 10 grams was trading at Rs. 46,400 and 24 carat for 10 grams gold was Rs. 47400. Yesterday the rates fell by around Rs. 370 per 10 grams, largely due to a hike in the valuation of the US dollar in the international market. The US dollar was at 9 months peak yesterday.
22 carat gold of 10 grams was quoted at Rs. 46400 in Delhi, Rs. 46400 in Mumbai, Rs. 46590, and Rs. 44250 in Bangalore. All rates are higher than yesterday's traded prices.
On Multi Commodity Exchange (MCX) in Mumbai, gold prices are showing the same trend and edged higher today. The October gold FUTCOM has jumped 0.12% with an absolute price change of Rs. 55 till 4.34 pm. It is trading at Rs. 47224 for 10 grams. Silver is going down by 0.13% though on MCX.
Sandeep Matta, founder, TRADEIT Investment advisor said, "Market participants will be eyeing on an upcoming economic symposium which could become the new catalyst for gold to surge. Gold on MCX is also finding its major support on Rs. 47,000 and trading with a short-term bullish technical advantage. The outlook is positive for precious metal particularly due to heavy sell-off in the global equity market and increasing cases of delta variant globally. Traders are advised to follow key levels both the sides and investors can accumulate gold on every dip."