The gold market shows a volatile trend both globally and in the domestic markets. Indian gold prices depend on the international markets. The US Dollar index surged marginally globally today, pulling the gold prices down. Check today's Indian gold rates here.
Indian gold prices today
On August 16, the 22-carat gold rate stood at Rs. 48,000/10 grams, and 24-carat gold rate stood at around Rs. 52,360/10 grams, fell by Rs. 150 - Rs. 170/10 grams, respectively. On the last trading day, the price of yellow metal at Rs. 48,150 (22 carat) was at the highest level this month. In July the gold rates fell by 1.36%, this month, investors are expecting a better position in the market. However, a bearish gold market helps retail sales to grow.
International gold rates today
Today, the Comex gold futures were quoted at $1,790.20/oz, falling by 0.44%, from the last trading day. Yesterday it was last quoted at $1,798.10/oz. The yellow metal fell by 2.81% this year in the futures market. The spot gold prices were last quoted at $1780.80/oz, falling only by 0.19%, from the last trading day. The US Dollar index is quoted at 106.43, falling by 0.02%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 52579/10 grams, gaining by 0.46%, from the last trading day.
Analyst's opinion on the market trend
Commenting on the precious metal markets, analyst Jim Wyckoff told Kitco News, "Rallying U.S. stock indexes that hit multi-month highs on Monday are also pulling away trader/investor interest in the long side of the precious metals markets. Technically, the October gold futures bears have the overall near-term technical advantage. A price uptrend on the daily bar chart has been negated. Bulls' next upside price objective is to produce a close above solid resistance at the August high of $1,814.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,725.00."
Indian gold rates in the cities
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)|