Gold Rates Gains Considerably By Rs. 980, On Oct 1, US Employment Data Under Concern

Today on October 1, the gold market in India is shining with a major price after almost 3 months. Today Indian gold rates hiked by Rs. 980 / 10 grams, which is a very considerable gain for gold now. Today, 22 carat gold is quoted at Rs. 45,470 / 10 grams and 22 carat gold is quoted at Rs. 46,470 / 10 grams in India. Apart from daily price ups and downs, Indian gold rates have seen this amount of change in the first half of August. The rates dropped around Rs. 1000 at, as July employment data of US came out.

Now, in the first week of October, the gold rates on the other hand are on the verge of gain, as the US Federal Reserve Chair Jerome Powell sounded dovish about the country’s employment data. He said that the US is still “far from full employment”. Hence the gold rates gained immediately. On the other hand, US Treasury Secretary Janet Yellen is very concerned about the US debt ceiling that pushed the US Dollar index down. So, both of the situations are favorable for gold at present. So, ahead of the festive season in India, gold rates can hike to some extend.

Now gold is again being able to maintain the $1755 levels or more. The Comex gold future fell only by 0.27% but succeeded to stay at $1752, while the spot gold market fell only by 0.26% and was quoted at $1753/oz, today till 2.26 PM IST. On the other hand, the US dollar index in the spot market dropped by 0.06% at 94.24 same time today, as the US debt ceiling is concerning now. In India, the Mumbai MCX gold in October future fell by only 0.18% than yesterday and was quoted at Rs. 46435/10 grams till today 2.40 PM IST. Indian gold prices now are on the path of increasing since yesterday.

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

Gary Wagner of thegoldforecast.com to a Kitco report added, “Whether this new-found bullish sentiment will persist is dependent on multiple fundamental events. On Friday, the most current inflationary data will be released when the Census Bureau releases its most recent data vis-à-vis the PCE (Personal Consumption Expenditures) inflation rate. The PCE is the preferred inflationary measure by the Federal Reserve. It differs from the CPI in that it strips out food and energy costs.”