Gold Price Revives In India, Gains By Rs. 250 Today, Check Rates In Major Cities

Gold price in India revives marginally today, after falling sharply in the past two days globally. Strong US employment data in August immediately pulled down gold rates in the international markets, however, the yellow metal revived later. Today, on September 3, gold rates in India increased by Rs. 250-270/ 10 grams. The 22-carat gold rate stood at Rs. 46,650/10 grams, and 24-carat gold rate stood at around Rs. 50,890/10 grams.

Today, the Comex gold futures were quoted at $1,722.60/oz, up by 0.78%, from the last trading day. Yesterday it was last quoted at $1,709.30/oz. The yellow metal fell by 6.47% this year in the futures market. The spot gold prices were last quoted at $1735.84/oz, up by 0.84%, from the last trading day. The US Dollar index is quoted at 109.61, down by 0.07%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 50384/10 grams, up by 0.63%, from the last trading day.

Commenting on the market, Walsh Trading co-director Sean Lusk commented to Kitco News, "I would be really careful here given the longer-term outlook for the stock market. I don't see how gold can sustain a rally with equities getting pounded and the dollar being bought on dips...If the near-term lows in gold can't hold and we drop to $1,678, gold could retreat to the pandemic lows of $1,625 and then even $1,484. Gold needs to hold $1,670-$1,680. If it does not, it is going down to lower levels." "Whether gold does that on increased physical demand, hedge against what equities are doing, or some new safe-haven buying," Lusk added later.

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