Gold Rates Are Again Bullish In India, Quoted At Rs. 47550/10 Grams

Today, on June 25, in India the 22-carat gold rate is quoted at around Rs. 47550/10 grams and 24-carat gold rate is quoted at around Rs. 51870/10 grams, gaining by Rs. 100 and Rs. 110, respectively.

The gold rates are solely determined by inflation rates. Recently, the University of Michigan has published a revised consumer sentiment survey showing 5-year inflation expectations are dropping back to around their historical average of 3.1%, which is down from the preliminary estimate of 3.3%. Any development regarding the inflation rate will be influencing the global gold rates. Additionally, commenting on the matter, analyst Neils Christensen told Kitco News, “Although the Fed still has a lot more work to do to cool down inflation, it might not have to be overly aggressive as it tightens monetary policies. This is good news for the gold investors because if inflation does start to weaken, the U.S. central bank could slow the pace of interest rate hikes. This week, analysts noted a lot of complacency in the gold market. Although prices remain well supported at around $1,800, as equity market volatility drives the precious metal’s safe-haven demand, analysts have said there is no sense of urgency for investors to buy gold.”

Today, the Comex gold futures were quoted at $1,820.10/oz, plunging by 0.09%, from the last trading day. Yesterday it was last quoted at $1,829.80/oz. The spot gold prices were last quoted at $1827.40/oz, surging by 0.22%, from the last trading day. The US dollar index in the spot market stood at 104.12. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,603/10 grams, gaining by 0.02%, from the last trading day.

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

source: goodreturns.in