Indian Gold Prices Hiked Significantly By Rs. 510, On Oct 26: See Why

Indian gold rates gained significantly, by Rs. 510/10 grams today, on October 26, as international gold rates are keeping a stronghold. Today, 22 carat gold rates are quoted at Rs. 47,270/10 grams and 24 carat gold rates are quoted at Rs. 48,270/10 grams. The global economic slowdown and inflation worries are keeping gold prices surged internationally. As Indian gold prices depend on o global market rates, so daily Indian gold rates are also hiking ahead of the festive season in the country. Gold rates in Vijayawada and Delhi have hiked by Rs. 200/10 grams, whilst in Pune, gold rates have gained by Rs. 270/10 grams today.

The Comex gold futures today fell by 0.14%, but stood firm at $1804.3, while the spot gold prices also dropped by 0.25%, quoted at $1803.80/oz till 2.05 PM IST today. At the same time, the US dollar index in the spot market stood at 93.88. Mirroring the same trend, in India, the Mumbai MCX gold in October future fell by 0.09%, and was quoted at Rs. 48,155/10 grams, till 2.05 PM IST. The gold prices today mostly stayed over the historical high of the $1800 level. Today's range of spot gold prices stayed between $1799 and $1809, while Comex December's future's today range stayed between $1801 and $1809.8. So, today's range is certainly better than yesterday's quotations, which means gold rates are being able to stay firm for longer.

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

(Also read: RBI's Sovereign Gold Bond (SGB) Scheme Opens On Oct 25, Should You Invest In The Commodity?)

Analyst Frank E. Holmes told Kitco, "Current financial metrics being demonstrated by gold mining companies present a great opportunity for generalist investors to take notice. Dividend yields for Newmont Mining and Barrick Gold are north of 3% while the indicated yield on the S&P 500 Index is just 1.3%. With inflation becoming more mainstream generalist investors will be looking to protect their wealth and gold miners need to take this opportunity of scarcity to raise investor awareness. Perhaps some gold miners should withhold a portion of their production; Holding the supply chain as gold is too cheap to sell at these prices."