IBJA Kept Daily Indian Gold Prices Marginally Up, On Sept 29

The gold prices in the international markets have gained marginally today, hence the Indian Bullion Jewellers Association (IBJA) has hiked the daily Indian gold rates by Rs. 60/10 grams today, on September 29. The 22 carat gold is quoted at Rs. 45,100 / 10 grams, while the 24 carat gold is quoted at Rs. 46,100 / 10 grams today. However, the international gold prices are only moving around the $1740 level. The Comex gold future hiked by 0.22% at $1741, while the spot gold market gained by 0.51% at $1743/oz today till 2.36 PM IST. On the other hand, the US dollar index in the spot market also gained by 0.13% today, as the US yield is rising now. In India, the Mumbai MCX gold in October future increased by 0.25% at Rs. 46,071/10 grams till today 2.37 PM IST. Indian gold prices now are mostly on a downward trend, but today the Indian rates have gained only by a tad. The gold rates are expected to fall again when the US Fed will decide the tapering timeline.

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

Gary Wagner of thegoldforecast.com commented to Kitco, "Concurrently the US dollar gained just shy of 4/10 %, with the dollar index currently fixed at 93.75. This is the highest closing value of the dollar index in 2021. The last time the dollar had this much strength against the basket of currencies it is paired against was in November 2020, when it reached an intra-day high of 94.30."

Wagner later added, "We could see gold trade to a low of $1677, which corresponds to the lows achieved during the flash crash in August and the double bottom that occurred earlier in March. If gold does continue to trade lower, as the current fundamentals indicate, gold could trade as low as $1677. The next major support level below that price is $1628, the 50% retracement level of the extremely long data set we used above." The USA's present economic situation is experiencing US debt yields rising and increasing dollar strength, this will not be good for future gold prices.