Indian gold rates have been sharply up in the last two days in the domestic markets. On August 13, the 22-carat gold rate stood at Rs. 48,150/10 grams, and 24-carat gold rate stood at around Rs. 52,530/10 grams, surging by Rs. 400 – Rs. 440/10 grams, respectively. This is the highest quotation of gold in the past three months. Following the global trend, Indian gold rates are also on the verge of gaining now. After the US CPI inflation rate improved in July, the gold market went down immediately. However, it revived later as the US Bond yields are US Dollar index went bearish.
Today, the Comex gold futures were quoted at $1,818.90/oz, gaining by 0.65%, from the last trading day. Yesterday it was last quoted at $1,807.20/oz. The yellow metal fell by 1.24% this year in the futures market. The spot gold prices were last quoted at $1805.00/oz, gaining only by 0.78%, from the last trading day. The US Dollar index is quoted at 105.67. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 52579/10 grams, gaining by 0.46%, from the last trading day.
Commenting on the precious metal markets, analyst Phillip Streible stated, “The Federal Reserve now faces an apparent dilemma if it stops tightening and pivots too soon, it will reignite the economy, and inflation will come roaring back. While if they pump the breaks and continue to tighten, it will slow the economy, taking down corporate profits, consumer spending, and the whole market. That is why we believe the Precious Metals markets and many of the 27 other commodities we actively risk manage are heading for another fork in the road. Gold needs to see a clear breakthrough of resistance to indicate that this bull market has legs. However, we also need to implement a risk management strategy if an actual corporate recession takes hold where earnings decline, volatility increases, and outside asset classes fall.”
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)|
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Story first published: Saturday, August 13, 2022, 14:14 [IST]