Gold Rates Fall By Rs. 700 In 2 Days, Why Should You Buy Gold Now: Check Rates Here

Indian gold rates are significantly down now. Today, on July 14, the 22-carat gold rate is quoted at around Rs. 46,200/10 grams, and 24-carat gold rate is quoted at around Rs. 50,400/10 grams. The gold rates have plunged by around Rs. 300-330/10 grams today. In the past two days, the yellow metal has seen a fall of Rs. 700 in the domestic markets. Now, in the global markets, gold fell to an 11-month low.

A falling gold rate is expected to increase the retail sale of gold in India. Gold and silver are precious metals, and gold is known as a safe haven. Additionally, it is also a hedge against inflation. In the long term, in 8-10 years, gold is known to give quite high returns. Indian investors are interested in this, along with equities and mutual funds. It is recommended to have 15-20% gold in the total investment portfolio to mitigate the risks.

According to a Kitco News Report, "Gold has had a tough week as markets repriced rate hike expectations, and the strong U.S. dollar stole a lot of the safe-haven appeal away from gold. Next week, analysts remain cautious as the $1,700 an ounce level is a dangerous area for gold. The main trigger behind this week's $40 sell-off was the surprising U.S. inflation report, which showed annual price pressures rising 9.1% in June and led to the repricing of rate hike expectations for July. Before the data was released, markets were looking for a 75-basis-point hike. However, after the inflation numbers, markets no longer ruled out an oversized 100-basis-point hike."

Today, the Comex gold futures were quoted at $1,706.50/oz, gaining by 0.04%, from the last trading day. Yesterday it was last quoted at $1,705.80/oz. The spot gold prices were last quoted at $1709.60/oz, falling by 0.11%, from the last trading day. The US Dollar index quoted at 108. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50103/10 grams, falling by 0.25%, from the last trading day.

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

City	22 carat (INR/10 Grams)	24 carat (INR/10 Grams)
Mumbai	46,200/-	50,400/-
Hyderabad	46,200/-	50,400/-
Kerala	46,200/-	50,400/-
Delhi	46,200/-	50,400/-
Kolkata	46,200/-	50,400/-
Bangalore	46,300/-	50,510/-
Chennai	46,270/-	50,480/-