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Gold Rates Marginally Higher In Indian Cities, Check Rates For July 28

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Gold rates in the city of Mumbai, Kolkata, Delhi, Chennai, Bangalore, Hyderabad and Kerala were all trading higher, ahead of the key US Federal Reserve statement.

 

The statement due later today, could lead to gold prices being volatile in the days ahead. Should the US Fed statement hint at an aggressive monetary policy or away from the quantitative easing programme, we might see gold prices fall.

Gold prices per 10 grams on June 28 in major Indian cities

City22 karats gold24 karats gold
ChennaiRs 45210 Rs 49320
BangaloreRs 44800Rs 48880
MumbaiRs 46840Rs 47840
DelhiRs 46950Rs 51220
KolkataRs 47250Rs 49950
HyderabadRs 44800Rs 48880
KeralaRs 44800Rs 48880
PuneRs 46180Rs 49450

Gold in the international markets were lower

Gold prices in the global markets were once again lower and managed to stay below the $1800 an ounce mark. Gold prices were last seen trading at $1799 an ounce, as bond prices rallied. The Prices have been moving between gains and narrow losses for the last few days.

Gold Rates Marginally Higher In Indian Cities, Check Rates For July 28

The US Fed's policy statement, which is due later at 1800 GMT later in the day followed by a news conference by Chairman Jerome Powell, would be important for the movement of gold. Investors will look for cues on when the central bank will begin to taper its monetary support.

 

Meanwhile, on the MCX gold prices dropped marginally by Rs 6 and was last seen trading at Rs 47,544, down about Rs 6 from the previous levels. Gold rates on the MCX were up in early morning trade.

Physical demand for gold has not been too great, while Gold ETFs had flat purchases. In Q1 of 2021 gold demand (excluding OTC) was 815.7 trillion, virtually on a par with Q4 2020, but down 23% compared with Q1 2020, according to the World Gold Council. The demand for the second quarter too is unlikely to be great, because the Indian consumption would have declined as many states in India had imposed lockdowns.

However, gold price movement these days does not depend much on physical demand. In fact, according to the WGC inflation and interest rates would play a key role in the movement of the precious metal in the days to come. For the time being all eyes are on the US Fed's statement today.

GoodReturns.in

Read more about: gold gold rates gold prices
Story first published: Wednesday, July 28, 2021, 15:41 [IST]
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