Indian Gold Rate Declines By Rs. 190, On Nov 30: Check Rates – Goodreturns

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Indian gold rates, on November 30 have fallen by Rs. 190/10 grams, as global gold rates are not gaining significantly this week. Today in India, 22 carat gold rates are quoted at Rs. 47,120/10 grams and 24 carat gold rates are quoted at Rs. 48,120/10 grams. In cities like Delhi, Bangalore, and Hyderabad gold rates have fallen by Rs. 100, whilst in Chennai and Madurai, gold rates have dropped by Rs. 230/10 grams today. Gold rates under pressure will increase the gold demand in the country during the wedding season.

Indian Gold Rate Declines By Rs. 190, On Nov 30: Check Rates

Today the Comex gold December futures gained by 0.59% and were quoted at $1792/oz, while the spot gold prices gained by 0.44%, and were quoted at $1793.3/oz till last traded. Yesterday Comex December gold futures closed at $1782.3/oz. On the other hand, the US dollar index in the spot market stood at 95.78. falling by only 0.43%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 48,187/10 grams, gained by 0.41%, 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 47,120/- 48,120/-
Delhi 47,000/- 51,270/-
Bangalore 44,850/- 48,930/-
Hyderabad 44,850/- 48,930/-
Chennai 45,150/- 49,260/-
Kerala 44,850/- 48,930/-
Kolkata 47,300/- 50,000/-

After a significant surge in headline inflation (CPI) and Personal Consumption Expenditures (PCE) in the USA, immediately gold rates rallied up. But this week, gold is not showing a major gain in the first two trading days, however, the rates are not falling. Today’s gold rate average is $1782-$1795/oz in the global market.

However, according to reports, “the next support price for gold is $1,750/oz, if that fails, $1,700 is in play”. Analyst Todd Horwitz of Bubba Trading told Kitco News, “Gold should find some support around here; the best action would be consolidation. A rally from here would be bearish and a selling opportunity. The steep drop could continue as well, but a bounce is a day or two away. That bounce should be sold, resistance is at $1810.”

Story first published: Tuesday, November 30, 2021, 14:58 [IST]