Gold Rates At 3 Months Low, Drops By Rs. 610 On Sept 30, Good Time To Buy
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Personal Finance
oi-Kuntala Sarkar
Today on September 30, Indian gold rates dropped significantly by Rs. 610/10 grams gold. The Indian Bullion Jewellers Association (IBJA) failed to keep gold prices up ahead of the festive season in India, as the rates in the international markets are falling. The 22 carat gold is quoted at Rs. 44,490 / 10 grams, while the 24 carat gold is quoted at Rs. 45,490 / 10 grams today. The international gold prices are also struggling hard to even maintain the $1725 level, which is a poor rate for this year. Ahead of the festive season in India, if you are planning to buy gold for marriage or any other auspicious purpose, it is certainly a good time.
The Comex gold future hiked by 0.08% at $1724, while the spot gold market dropped by 0.12% at $1725/oz today till 4.38 PM IST. On the other hand, the US dollar index in the spot market gained by 0.15% same time today, as the US treasury yield is rising now. In India, the Mumbai MCX gold in October future fell by 0.08% at Rs. 45,733/10 grams till today 4.39 PM IST. Indian gold prices now are on the path of falling which is expected to worsen in the future. This year and the upcoming year, both are going to be a tough time for gold rates globally.
Indian gold rates started to fall largely since August, but even in that month, the lowest rate did not slip below Rs. The lowest rate for 22 carat gold was Rs. 45,280 on August 9, and for 24 carat gold, it was Rs. 46,280 on the same date. Overall performance in the last month of 22 carat gold was a fall by 2.11%. This month the data has been worse.
Gold rates in different Indian cities 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 | 44,490/- | 45,490/- |
| Delhi | 45,200/- | 49,310/- |
| Bangalore | 43,050/- | 46,960/- |
| Hyderabad | 43,050/- | 46,960/- |
| Chennai | 43,360/- | 47,300/- |
| Kerala | 43,050/- | 46,960/- |
| Kolkata | 45,550/- | 48,250/- |
A Kitco report mentioned today, “Starting off in the UK, quarter on quarter GDP rose 5.5% vs economist expectations of 4.8% and a previous reading of -1.6%. Later in the session, the market will get the latest US GDP data which is expected to hit 6.6%, and more comments from Fed Chair Powell.” Already the market is expecting US Fed tapering from December and thus the gold rates are being impacted negatively globally, reflecting the same trend in India.
Story first published: Thursday, September 30, 2021, 18:05 [IST]
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