Indian Gold Rates Dropped Marginally, Quoted At Rs. 46,990, On Nov 9, US Dollar Fell

Gold prices in India have dropped marginally, only by Rs. 40/10 grams today, on November 9. Today 22 carat gold rates are quoted at Rs. 46,990/10 grams and 24 carat gold rates are quoted at Rs. 47,990/10 grams. In major Indian cities like Delhi, Hyderabad and Kerala gold rates have dropped by Rs. 110/10 grams today. However, yesterday gold rates hiked significantly, by Rs. 810 in India.

The spot market and gold futures are also thriving bullish globally for the past 2 days. The Comex gold December futures today fell by 0.08% and was quoted at $1826/oz, while the spot gold prices hiked by 0.06%, and were quoted at $1826/oz till 4.23 PM IST. On the other hand, the US dollar index in the spot market stood at 94.95, falling by 0.12% than yesterday. A weaker dollar is keeping gold rates surged internationally. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also hiked by 0.23%, and was quoted at Rs. 48,128/10 grams, till 4.25 PM IST today. Yesterday Comex December gold futures reached at $1828/oz level and made a statement that gold did not lose its potential as a hedge against inflation.

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

Gold rates in the international markets did not perform as bullish as yesterday, but in last week, today's rates can be considered as significant. Mostly, inflation-related concerns are the reason gold rates are trading higher in this month, than in October. However, Chicago Federal Reserve Bank President Charles Evans recently commented that the current surge in inflation is 'temporary', which will be under control as supply-side pressures get resolved, although he added, "I had expected to see more progress by now."

Without an interest rate hike, the gold rates are not anticipated to fall any time soon globally. Charles Evans thinks that by the spring they will know a lot more about the inflation outlook, and if inflation expectations increase a lot, it would make sense to think about a 2022 rate hike.