Indian Gold Rates Stayed Bullish, On February 7: Check Rates

Indian gold rates have surged marginally today, in line with the international trend. At present, gold market analysts and investors are waiting for the FOMC meeting in March 2022. The interest rate hike in the USA, by Federal Reserve, is going to be one of the key factors in that meeting, which will directly influence the gold market. Now, the markets are starting to price, in a 50-basis-point rate increase, in the upcoming days, this will also be impacted by any decision, taken by the US Fed.

In India, and the global markets, inflation is the most important driving force of gold rates. Commenting on that, ECB president Christine Lagarde told Kitco News, “Inflation is likely to remain elevated for longer than previously expected but to decline in the course of this year. Compared with our expectations in December, risks to the inflation outlook are tilted to the upside, particularly in the near term. If price pressures feed through into higher than anticipated wage rises or the economy returns more quickly to full capacity, inflation could turn out to be higher.” With a hike in the inflation rate, the gold rates will also boom.

Recently, data by the Bureau of Labor Statistics revealed that 467,000 jobs were created in January, 2022, which had beaten expectations analysts’ estimates of around 110,000. With this growth of employment in the USA, the gold market is a bit under pressure now. The yellow metal is only a bit above the $1805/oz level. With inflationary pressures, the gold rates can surge further.
Gold prices in India, on February 7, 2022 have surged by Rs. 100/ 10 grams. Today, 22 carat gold prices are quoted at Rs. 45,200/10 grams, and 24 carat gold rates are quoted at Rs. 49,250/10 grams. In Hyderabad, Bangalore, and Kolkata, gold rates were bullish, while in cities like Chennai and Madurai, gold rates remained subdued today.

Gold rates are quoted differently, daily. Today’s gold rates in major Indian cities follow:

The Comex gold futures gained by 0.15% and were quoted at $1809.30/oz, till last traded. On the earlier day, Comex gold futures closed at $1806.06/oz. The spot gold prices were quoted at $1810.60/oz, gained by 0.07%, till last traded. The US dollar index in the spot market stood at 95.57, gaining by 0.13%. However, in India, the MCX gold in April future quoted at Rs. 48,072/10 grams, gained by 0.31%, till last traded.