Gold Prices Face Whiplash From Volatile Market But Still Above Rs 62,000; Should You Buy Gold Now?

Gold prices inched lower but remained above the Rs 62,000 mark in India on Monday. Globally, the price of the precious metal has increased due to an escalation in the Middle East conflict. However, the gains were limited as investors remained cautious ahead of the Fed's policy meeting due this week. The price of Gold in the domestic market has recently seen a rally as India is in a festive mood and people living in the country consider buying gold an auspicious thing during this time. In India, 10 grams of 24-carat gold costs Rs 62,400, while 22-carat of the same quantity of gold is currently available at Rs 57,200 in the country.

Gold futures contract on Multi Commodity Exchange (MCX) for December 2023 expiry were up 0.08% at Rs 61203 at 1:58 pm IST on Monday.

Globally, Spot gold fell 0.2% at $2,001.37 an ounce as of 0535 GMT, while US gold futures climbed 0.6% to $2,011.20.

Gold Rate Today in different Indian cities:

Today, the gold rate in Delhi for 24-carat gold (10 grams) is Rs 62,550, while 10 grams of 22-carat gold in the national capital costs Rs 57,350. Remember that the gold rate in Delhi is at par with the price of gold in Chandigarh, Jaipur, and Lucknow.

Gold prices in Bangalore for 24-carat gold (10 grams) is Rs 62,400, while 10 grams of 22-carat gold in the national capital costs Rs 57,200. The gold rate in Bangalore is at par with the price of gold in Hyderabad, Kerala, and Kolkata.

Buying Gold on Dhanteras and Diwali:

Many people in India are thinking of buying Gold on Dhanteras and Diwali as usually there is a downward trend in gold prices after Durga Puja. However, one should also consider his or her risk appetite before finally deciding to buy non-yielding bullion as Gold prices are expected to remain volatile over for next couple of months due to increasing tension in the Middle East.