Indian Gold Rates Gained By Rs. 190, On Oct 5

Today, on October 5, Indian gold rates have hiked marginally by Rs. 190/10 grams. In India, 22 carat gold rates are quoted at Rs. 45,680/10 grams and 24 carat gold rates are quoted at Rs. 46,680/10 grams. In most of the Indian cities, gold rates stayed affirmative than yesterday, owing to a positive tone of gold investors globally. The Comex gold future fell by 0.43% but stayed at $1760 showing only a minor drop, while the spot gold prices fell only by 0.71% and were quoted at $1758/oz today till 3.22 PM IST. On the other hand, the US dollar index in the spot market hiked by 0.09% at 93.92 same time today. In India, the Mumbai MCX gold in October future fell by 0.51% than yesterday but quoted at Rs. 46650/10 grams till today 3.34 PM IST.

The data shows that the international gold prices are being able to maintain a decent level and in line with that Indian gold rates are rising. Today, on the spot market, gold prices crossed the $1770 once but fell later. This shows a potential gain of the metal in the upcoming days if the situation stays affirmative for the asset.

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

Indian jewellers have imported a massive amount of gold in September when the international rates were quite subdued. This will pay them now when the prices are rising again ahead of the festive season. India has increased its gold imports in September by 658% than 2020’s lower base.

Now as the gold is glittering again in the global markets and commenting on this, Mike McGlone, Bloomberg Intelligence senior commodity strategist told Kitco, “It’s only been about a year since gold’s last peak, and we believe it should be a relatively short matter of time to revisit. Gold has outperformed most major commodities in the past 20 years.” However, he added, “Gold, like treasury prices, has an enduring bull market in its favor, and a correction within that trend improves its relative value. Gold appears too cold approaching the start of 4Q. Risks tilt toward a continuation of September’s stock-market volatility, which should favor gold in 4Q.”