Gold price today: Gold rates in the country remained down for the second day in a row. However, in the past week, the price of gold has fallen substantially. Much of it has to do with rising Omicron cases in India, rising prices of crude oil, rising inflation and the weakening of the US Dollar, in comparison with the Indian Rupee.
In Chennai, on December 25, 10 grams of 22-carat gold cost Rs 45,510. On the other hand, in Delhi, the rate of the same was Rs 47,500, according to data on goodreturns’ website. Multi Commodity Exchange or MCX gold rate on Friday dipped Rs 32 per 10 gm and closed at Rs 48,120 levels, logging Rs 483 slide in a week.
This fall in February future contract of yellow metal price has taken place despite rising cases of Omicron, escalating crude oil price, jump in global inflation concerns, etc. According to commodity market experts, this fall in gold price has happened due to the weakness in US dollar (USD) against Indian National Rupee (INR). They said that rupee’s gain against dollar has neutralised the chances of gold price rise otherwise overall sentiment for MCX gold rate is still bullish.
– Chennai – Rs 45,510
– Mumbai – Rs 47,300
– Delhi – Rs 47,500
– Kolkata – Rs 47,450
– Bangalore – Rs 45,350
– Hyderabad – Rs 45,350
– Kerala – Rs 45,350
– Pune – Rs 46,410
– Vadodara – Rs 46,880
– Ahmedabad – Rs 46,850
– Jaipur – Rs 47,390
– Lucknow – Rs 46,190
– Coimbatore – Rs 45,510
– Madurai – Rs 45,510
– Vijayawada – Rs 45,350
– Patna – Rs 46,410
– Nagpur – Rs 47,290
– Chandigarh – Rs 46,190
– Surat – Rs 46,850
– Bhubaneswar – Rs 45,340
– Mangalore – Rs 45,350
– Visakhapatnam – Rs 45,350
– Nashik – Rs 46,410
-Mysore – Rs 45,350.
Also Read: Lockdown expected in February, IIT Kanpur explained omicron effect
Bullion experts said that gold price in spot market is trading in the range of $1760 to $1835 per ounce and it is expected to move in this rang in upcoming week as well. They said that MCX gold rate is also expected to move in Rs 48,000 to Rs 48,700 per 10 gm range in near term till there is breakage on either side of the range in the spot market.
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