Indian Gold rates Increased By Rs. 220, On Oct 7

Today, on October 7, Indian gold rates have increased marginally, although, international gold rates have stayed only at a moderate position. Today, 22 carat gold rates are quoted at Rs. 45,900/10 grams and 24 carat gold rates are quoted at Rs. 46,900/10 grams. Ahead of the festive season, IBJA has increased the gold rates in the domestic markets, keeping the gold jewellers in a good position. International gold traders are waiting for US non-farm payroll figures to anticipate the upcoming price trends. However, in the international markets, gold rates stayed around $1765/oz.

The Comex gold future fell by 0.10% but was quoted at $1760, while the spot gold prices fell by 0.26% but were quoted at $1759/oz today till 3.03 PM IST. This is a better trend than yesterday's quotations. On the other hand, the US dollar index in the spot market fell by only 0.02% but stayed at 94.20 at the same time today. In India, the Mumbai MCX gold in October future fell by 0.12% than yesterday and was quoted at Rs. 46,850/10 grams till today 3.04 PM IST. This is also a potential price range for the yellow metal in October.

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

"For the past few days, gold and silver have tried to reverse their trends and breakout to the upside. For now, they have failed at resistance and are looking to resume their trend lower," commented Todd Horwitz of Bubba Trading to Kitco. The US has already faced a high inflation rate last month, so there is a tiny chance that the US Fed can try to hike the interest rate in the early next year, aggressively. The employment data will help them to take decisions.