Gold Rates Moving Up: US Economy Shrank For Second Consecutive Quarter, Check Rates

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oi-Kuntala Sarkar
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Published: Tuesday, August 2, 2022, 14:50 [IST]

Indian gold rates have revived marginally this week, as the US economy has published a falling economic growth report. Recently Bloomberg reported that the US economy has shrunk for a 2nd consecutive quarter. The US GDP has fallen by 0.9%. Due to this, the US dollar and the US treasury yields are going lower, which has helped the gold rates to gain in the global markets. Additionally, the yellow metal boomed this week as the US Fed has maintained an in-line 75bps interest rate hike. In India, 22-carat gold rates today stood at Rs. 47350/10 grams, and 24-carat gold rates stood at around Rs. 51,650/10 grams, gaining by around Rs. 250-270/10 grams today.

For the global trend, gold demands have also surged recently. The World Gold Council’s second quarter Gold Demand Trends report stated, “Growth in the second quarter lifted first-half mine production 3% to 1,764 tonnes – making it a record first half for the group’s data series. Mine production benefited from an absence of Covid-related lockdowns, the report explains, and was also boosted by continued recovery in China following safety stoppages in 2021,” Litco News reported.

Today, the Comex gold futures were quoted at $1,790.50/oz, gaining by 0.15%, from the last trading day. Yesterday it was last quoted at $1,787.70/oz. The yellow metal fell by 2.79% this year in the futures market. The spot gold prices were last quoted at $1774.00/oz, gaining by 0.03%, from the last trading day. The US Dollar index quoted at 105.51, gaining only by 0.15%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 51424.00/10 grams, falling by 0.18%, 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 47,350/- 51,650/-
Hyderabad 47,350/- 51,650/-
Kerala 47,350/- 51,650/-
Delhi 47,350/- 51,650/-
Kolkata 47,350/- 51,650/-
Bangalore 47,400/- 51,710/-
Chennai 48,200/- 52,580/-

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Story first published: Tuesday, August 2, 2022, 14:50 [IST]

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