Flat Market Trend: Indian Gold Rates Quoted At Rs. 47,350, Check Rates In Cities

The Indian gold market is mostly flat today. On August 11, the 22-carat gold rate stood at Rs. 47,350/10 grams, and 24-carat gold rate stood at around Rs. 51,650/10 grams, which remained the same as yesterday. However, Chennai gold prices have fallen by around Rs. 80/10 grams today. Yesterday, following the international trend, Indian gold prices also fell sharply, by around Rs. 600. The US consumer price index or CPI inflation for July at 8.5% YoY up, while it gained 9.1% YoY in June. A better than inflation data is pulling the gold prices down in the global markets now. However, the yellow metal is remaining in investors' preferred lists, as a safe haven for high long-term returns.

Today, the Comex gold futures were quoted at $1,812.40/oz, falling by 0.07%, from the last trading day. Yesterday it was last quoted at $1,813.70/oz. The yellow metal fell by 1.93% this year in the futures market. The spot gold prices were last quoted at $1798.60/oz, gaining by 0.29%, from the last trading day. The US Dollar index is quoted at 104.85, falling by 0.35%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 52499/10 grams, gaining by 0.49%, from the last trading day.

Sharing insight about the present gold market trend, analyst Jim Wyckoff told Kitco News, "Technically, October gold futures prices hit another four-week high today. The gold futures bears still have a slight overall near-term technical advantage. However, a fledgling price uptrend is in place on the daily bar chart to suggest more upside in the near term. Bulls' next upside price objective is to produce a close above solid resistance at $1,850.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at today's high of $1,814.40 and then at 1,825.00."

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