Bullish Gold Market In India, Gold Prices Up Rs. 400: Check Rates In Cities To Invest


oi-Kuntala Sarkar


Following the international trend, Indian gold rates surged sharply Today. On August 12, the 22-carat gold rate stood at Rs. 47,750/10 grams, and 24-carat gold rate stood at around Rs. 52,090/10 grams, gained by Rs. 400 – Rs. 440/10 grams, respectively. Additionally, Delhi and Bangalore gold prices are also bullish today, gained by around Rs. 35-400/10 grams today. Gold rates have been mostly down both in the global and domestic markets, after the US consumer price index or CPI inflation for July was reported to be at an 8.5% YoY gain, beating the estimates positively. However, today the markets have revived marginally, as the US Bond yields have plunged. In the mid-day trading hours, gold rates thrived in the international futures markets.

Bullish Gold Market In India, Gold Prices Up Rs. 400: Check Rates In Cities

In the past three months, in May, June, and July, Indian gold rates consistently fell in the domestic markets, opening a good opportunity for investors to buy gold at cheaper prices. Analysts suggest holding at least 15-20% gold in the portfolio to beat inflation and to gain assured returns in the long term. Hence, investors can consider buying gold this month.

Today, the Comex gold futures were quoted at $1,808.20/oz, falling by 0.06%, from the last trading day. Yesterday it was last quoted at $1,807.20/oz. The yellow metal fell by 1.81% this year in the futures market. The spot gold prices were last quoted at $1791.10/oz, gaining only by 0.01%, from the last trading day. The US Dollar index is quoted at 105.26, up by 0.13%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 52395/10 grams, gaining by 0.11%, from the last trading day.

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

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 47,750/- 52,090/-
Hyderabad 47,750/- 52,090/-
Kerala 47,750/- 52,090/-
Delhi 47,750/- 52,090/-
Kolkata 47,750/- 52,090/-
Bangalore 47,800/- 51,150/-
Chennai 48,900/- 53,340/-

Story first published: Friday, August 12, 2022, 13:10 [IST]

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