Indian Gold Rate Gains Rs. 770 In 2 Days, Falls Globally After US Employment Data

Indian gold rate revives sharply today, on September 23. The 22 carat gold rates quoted at Rs. 46,500, and the 24 carat gold rates quoted at Rs. 50,730/10 grams, surging by Rs. 700 to Rs. 770 respectively. Hence the yellow metal surged by Rs. 700-770 in the country in the past two days. On the other hand, the Indian silver rate stood at Rs. 5800/100 grams.

"Thursday, the U.S. Labor Department said that weekly jobless claims rose by 5,000 to 213,000, up from the previous week's downwardly revised estimate of 208,000 claims. The data beat expectations as economists were looking for claims to rise to 220,000. Gold's ability to hold $1,675 continue to attract some buyers as the precious metal see some bullish momentum in initial reaction to the latest economic data. December gold futures are trading near session highs, last trading at $1,686 an ounce, up 0.61% on the day," a Kitco News report mentioned today.

Before the US rate hike, the gold markets dropped significantly, with intense risk sentiments. The global gold markets dropped sharply September 12, and on September 14, the yellow metal show a sharp fall on Comex futures. Gold fell to US$ 1677/oz on September 15 from US$ 1709/oz, on the previous day. However, after the US Fed rate hike by 75 bps gold markets revived marginally, as this level of rate hike was much expected.

Today, the Comex gold futures were quoted at $1,665.70/oz, down by 0.92%, till last traded. Yesterday it was last traded at $1,681.10/oz. Till today, the yellow metal fell by 9.18% this year in the futures market. The spot gold prices were last quoted at $1653.10/oz, down by 1.14%, from the last trading day. The US Dollar index gained to 112.22, up by 0.78%, till last traded. Today, in India, the Mumbai Commodity Exchange (MCX) gold in October future is quoted at Rs. 49630/10 grams, down by 0.74%, from the last trading day.

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