Indian Gold Price Increases To Rs. 46,750, Check Gold Rates In Major Cities

Indian gold rates increased only marginally today, on September 5. The 22-carat gold rate stood at Rs. 46,750/10 grams, and 24-carat gold rate stood at around Rs. 51,000/10 grams, gaining by Rs. 100 and Rs. 110, respectively. The yellow metal market has been a bit volatile last week, after US Fed Chair Jerome Powell's hawkish comments against inflation, and employment data were published by the Labour Department, US. Powell stated that further interest rate hike decisions will depend on the economic data, however, investors are now expecting a 75 bps rate hike in September by US Fed. The US Central Bank is trying to restrict inflation to 2%.

Commenting on the gold market, Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited told the media, "The gold market is holding on to modest gains but was still looking to end the week on a sour note below $1,750 an ounce as the U.S. economy continued to add slightly more jobs than expected last month. Friday, the Bureau of Labor Statistics said 315,000 jobs were created in August. The data beat expectations economists were forecasting job gains of around 295,000. The unemployment rate jumped higher than expected, rising 3.7% last month. Economists were expecting the rate to hold steady at 3.5%."

Today, the Comex gold futures were quoted at $1,725.60/oz, up by 0.17%, from the last trading day. Yesterday it was last quoted at $1,722.60/oz. The yellow metal fell by 6.47% this year in the futures market. The spot gold prices were last quoted at $1715/oz, up only by 0.09%, from the last trading day. The US Dollar index is quoted at 109.98, up by 0.41%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 50480/10 grams, up by 0.22%, from the last trading day.

"The gold market is seeing some buying momentum following the latest employment report. December gold futures last traded at $1,721 an ounce, up 0.68% on the day. Also positive for gold are signs that wages could be plateauing, a sign that inflation pressures continue to ease. The report said that average hourly wages increased 0.3% or by 10 last month. Economists were expecting to see a 0.4% increase. For the year wages have risen 5.2%. October Gold closing price was at Rs. 50368, Support 1 is Rs. 50200, Support 2 is Rs. 50000, Resistance 1 is Rs. 50500, Resistance 2 is Rs. 50700.," Amit Khare added later.

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