Indian gold rates fell from Rs. 240 on September 28th, see why

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Personal finance

oi-Kuntala Sarkar

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Today, September 28, gold prices have fallen again in the international future, and the spot markets have even fallen to the $ 1,740 level. IBJA today lowered the daily rates for Indian gold to Rs. 240/10 grams for 22 karat and 24 karat gold. 22 karat gold is listed at Rs. 45,040 / 10 grams, while 24 karat gold is listed at Rs. 46,040 / 10 grams today. Indian gold prices depend on world gold prices, while international prices have fallen, this reflected the same trend in Indian domestic markets. Gold is an asset class dominated by the dollar, and the US dollar index in the spot market has also risen slightly. With a rapid global economic recovery, gold is now losing its short-term prices. Therefore, these factors have driven down Indian gold rates.

The Comex gold future fell 0.71% to $ 1,739, while the spot gold market fell 0.61% to $ 1,740 / oz today until 3:19 pm IST. In contrast, the US dollar index in the spot market gained 0.21% today. In India, Mumbai MCX gold futures in October fell 0.36% to Rs. 45,904 / 10 grams until 3:48 pm IST today. Although future gold rates have declined in international markets, the IBJA has increased daily gold rates in the domestic market in India. But today, IBJA had to lower prices slightly, before the holiday season. Durable goods orders in the United States, the second quarter GDP report and personal consumption expenditure (PCE) price index data, which are yet to be released this week, will further influence global markets. gold.

Gold rates in different Indian cities are quoted differently on a daily basis. Today’s gold prices in major Indian cities are as follows:

City 22 carats (INR / 10 grams) 24 carats (INR / 10 grams)
Bombay 45,040 / – 46,040 / –
Delhi 45,350 / – 49,480 / –
Bangalore 43,200 / – 47 130 / –
Hyderabad 43,200 / – 47 130 / –
Chennai 43,550 / – 47 510 / –
Kerala 43,200 / – 47 130 / –
Calcutta 45,600 / – 48,300 / –

Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, told Kitco News: “I think gold is trying to build a base. I think it’s going to try to come in here before $ 1,700 and 2,000. $ until the end of the year, and next a really big year for gold. ” Vermeulen thinks that in the short term it looks like a downtrend, but in the long term we can expect gold to be trending up. “For investors, this is an attractive chart,” he said, showing the chart of the gold rate from 2019 to the present day, rising and falling now. “As an investment I like it, as a profession I don’t like it at this point,” Vermeulen added. However, investors and traders are now awaiting US Federal Reserve Chairman Jerome Powell’s decisions on the US reduction schedule as he will decide the future of the metal next year.

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Article first published: Tuesday, September 28, 2021, 3:55 PM [IST]


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