Indian Gold Rates Quoted At Rs. 46,840, On December 9, International Gold Rates Getting Static

Gold prices have remained the same as yesterday in India. In the international markets, gold investors are quite uncertain now, and the prices are getting static at the moment. Today, on December 9, gained by Rs. 310/10 grams. In the country, 22 carat gold rates are quoted at Rs. 46,840/10 grams and 24 carat gold rates are quoted at Rs. 47,840/10 grams. Gold rates in Chennai have fallen by Rs. 80/10 grams today.

Today the Comex gold futures fell by only 0.01% and were quoted at $1783.2/oz, while the spot gold prices gained only by 0.12%, and were quoted at $1786.6/oz till last traded. Yesterday Comex gold futures closed at $1783.4/oz. On the other hand, the US dollar index in the spot market stood at 96, surged marginally by 0.06%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,110/10 grams, surged by 0.14%, till last traded.

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	46,840/-	47,840/-
Delhi	47,100/-	51,390/-
Bangalore	44,950/-	49,040/-
Hyderabad	44,950/-	49,040/-
Chennai	45,140/-	49,240/-
Kerala	44,950/-	49,040/-
Kolkata	47,100/-	49,800/-

Now, the worries about Omicron, the new Covid variant have been faded in the last 2 weeks, as the severity of the variant is not as high as the delta variant. On the other hand, traders and investors are showing a better risk appetite this week. Gold rates have mostly been static this week, stayed around $1782/oz level. However, the market of gold ETFs is getting better momentum.

Pharma firm Pfizer has also recently said that 3 vaccine doses can neutralize the Omicron Covid variant, and 2 can prevent serious impacts of the virus. So, a third wave of the pandemic is not expected, and investors are realizing that gold rates will not gain in the markets, based on the pandemic. Only a higher inflation level can push the gold rates up again if the US Federal Reserve fails to control it.

Analyst Jim Wyckoff told Kitco News, "Buying interest is being limited in safe-haven gold and silver as trader and investor risk appetite has up-ticked markedly the past few trading days. Rising bond yields this week are also a negative for gold and silver markets. However, selling interest in the metals is being squelched by the big rebound in crude oil prices recently, which suggests "black gold" and the leader of the raw commodity sector has put in at least a near-term bottom."

(Also read: Indian Gold Rates Gained Marginally, On December 8: See Rates)