Gold rates in India have fallen significantly today after the international gold market started to show a sharp bearish trend overnight. The 22-carat gold rate today, on August 6, stood at Rs. 47,250/10 grams, and 24-carat gold rate stood at around Rs. 51,550/10 grams, falling by around Rs. 400-430/10 grams today. Indian gold rates are fixed by IBJA tracking the global gold market trend. The major reason behind today’s fall is improved employment data in the US. The country’s employment scenario has added more than double the forecast. Like the gold market, the US stock market has also been marginally bearish due to strong job data.
US Employment improved significantly
According to a report published by AlJazeera News stated, USA’s employment picture gained major traction, “illustrating rock-solid labor demand that tempers recession fears and suggests the Federal Reserve will press on with steep interest-rate hikes to thwart inflation. Nonfarm payrolls jumped 528,000 in July, a broad advance that beat all estimates and was the largest in five months, Labor Department data showed Friday. Employment in the prior month was revised up to a 398,000 gain. The unemployment rate fell to 3.5%, matching a five-decade low. Wage growth accelerated and the labor force participation rate eased.”
Additionally, for Indians, a falling gold rate helps to improve the retail demands. Also, after yesterday’s repo rate hike by the RBI, investors are being interested in bonds and fixed deposit investment opportunities.
international gold rates
Today, the Comex gold futures were quoted at $1,792.40/oz, falling by 0.80, from the last trading day. Yesterday it was last quoted at $1,806.90/oz. The yellow metal fell by 2.68% this year in the futures market. The spot gold prices were last quoted at $1777.40/oz, falling by 0.83%, from the last trading day. The US Dollar index was quoted at 106.55. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 51864/10 grams, gaining by 0.58%, from the last trading day.
Gold rates are quoted differently, daily. Today’s gold rates in major Indian cities follow:
|City||22 carats (INR/10 Grams)||24 carats (INR/10 Grams)|
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Story first published: Saturday, August 6, 2022, 13:29 [IST]