Gold Rates Surge To Rs. 46,900, Comex Gold Futures Up To US$ 1,724, Weak US Dollar

Indian gold rates are marginally bullish this week, on positive global cues. Additionally, the US Dollar is also showing a muted performance today is helping the gold prices to gain. On September 6, the 22-carat gold rate stood at Rs. 46,900/10 grams, and 24-carat gold rate stood at around Rs. 51,160/10 grams, gaining by Rs. 150 and Rs. 160, respectively. A rising gold price is placing the Indian jewelers in a better position this week, after facing a major downturn last week. The US Federal Reserve is expected to raise its interest rate later this month by 75 bps, to control inflation. Hence, the market is a bit volatile this month. However, analysts are suggesting adding gold to the investors’ portfolios for sharp long-term gains.

Commenting on the market trend, Ravi Singh-Vice President and Head of Research told the media, “Gold prices are trading in range bound zone on account of growth worries, geopolitical uncertainty, spiralling inflation, stronger dollar and bond yields. The sideways trend in gold may remain for sometime till any fresh trigger breaks the range. In the meantime, gold may remain under selling pressure this week.” Singh suggests the Buy Zone Above Rs. 50500 for the target of Rs. 50700, and the Sell Zone Below Rs. 50200 for the target of Rs. 50000, for the yellow metal.

Today, the Comex gold futures were quoted at $1,724.40/oz, up by 0.10%, from the last trading day. Yesterday it was last traded at $1,722.60/oz. The yellow metal fell by 6.37% this year in the futures market. The spot gold prices were last quoted at $1714.80/oz, up by 0.18%, from the last trading day. The US Dollar index is quoted at 109.65, down by 0.16%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 50522/10 grams, up by 0.18%, from the last trading day.

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