Indian Gold Rates Dropped Significantly By Rs. 310, On Oct 30, Before Festive Season

Gold prices in India today, on October 30, dropped significantly by Rs. 310/10 grams. So, today, the prices dropped for 3 days in a row. Today, 22 carat gold rates are quoted at Rs. 46,740/10 grams and 24 carat gold rates are quoted at Rs. 47,740/10 grams. In all major cities like Delhi, Mumbai, Pune, Ahmedabad, gold rates have fallen today.

The Comex gold December futures today fell by 1.04% and was quoted at $1783.9, while the spot gold prices also fell by 0.83%, and were quoted at $1785/oz till last traded yesterday. On the other hand, the US dollar index in the spot market stood at 94.14. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also dropped by 0.74%, and was quoted at Rs. 47,607/10 grams, till last traded. Yesterday was the last trading day of October. Today, October 30 is a Saturday and the futures market is closed.

Gold rates in different Indian cities 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	46,740/-	47,740/-
Delhi	46,850/-	51,100/-
Bangalore	44,700/-	48,770/-
Hyderabad	44,700/-	48,770/-
Chennai	45,060/-	49,160/-
Kerala	44,700/-	48,770/-
Kolkata	47,150/-	49,850/-

(Also read: Gold Prices Are Rising Now, But Having Mixed Bag Of Expectations)

Amid inflation concerns, gold rates mostly stayed surged in October in the international markets, and in India, compared to September rates. Yesterday, as the gold rates dropped marginally in the international markets, the IBJA kept the gold rates subdued in the domestic markets in India. However, in the next week, the US Fed will meet to decide its monetary policy. They are expected to start tapering in December and they will probably announce the tapering timeline officially in the November meeting. Gold investors and traders are waiting for the meeting to anticipate the upcoming gold rate trend.