Indian Gold Rates Are Volatile Now, Quoted At Rs. 45490, On Oct 4

On October 4, today Indian gold market did not show any major change, as the last week. The gold rates in the last week started to gain considerably, but the change remained soft today. 22 carat gold is quoted at Rs. 45,490/10 grams and 24 carat gold is quoted at Rs. 46,490/10 grams in India. The Comex gold future fell by 0.56% but stayed at $1748 showing only a minor drop, while the spot gold prices fell only by 0.70% and were quoted at $1749/oz today till 4.43 PM IST. On the other hand, the US dollar index in the spot market dropped by 0.09% at 93.87 same time today. The US debt ceiling is concerning at present. In India, the Mumbai MCX gold in October future fell by 0.31% than the last traded day but quoted at Rs. 46361/10 grams till today 4.49 PM IST. Indian gold prices are quite volatile at the present market.

However, gold prices are now staying around $1765 which is a good sign for the Indian jewellers, ahead of the festive season in India. They will be able to avoid losses while selling the precious metal because, in the last week of September, the gold rates in India were quite concerning for them.

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

Now the international gold market and Indian traders are looking forward to the upcoming employment data. Earlier, US Federal Reserve Chair Jerome Powell sounded dovish on the same as he said that the country is still “far from full employment”. The US debt ceiling is also in a tight position now. US dollar index is falling marginally now and the gold prices are affirmative globally. Hence, it is a good time for gold. But everything will depend on the upcoming data and US Fed monetary policy declaration.

India is the second-largest gold importer and Indian gold rates depend on international prices. Now as the gold is shining better, the country is again surging the gold import rate.