Gold Prices Plunge To $1820/oz Globally, Sharp Drop In US Consumer Confidences

Global gold prices are marginally bearish today compared to yesterday's level. In the futures market, August gold has been quoted at around US$ 1,830.90 - US$ 1,819.60. However, the Indian markets did not follow any major changes in the gold prices. The 22-carat gold rate is quoted at around Rs. 47,650/10 grams, and 24-carat gold rate is quoted at around Rs. 51,980/10 grams. Indian gold rates are fixed by the IBJA depending on international prices. Today, the US Consumer Confidences data has been published which has left a little impact on gold.

The US Consumer Confidences have plunged to a 16-month low level of 98.7 in June, due to high inflationary pressures among the common citizens. Prices of groceries and fuel have surged significantly in the past two years, which has impacted consumer confidence. However, if the inflation rate continues to rise from the 8.6% YoY gain in the last month, gold prices might increase as a hedge against inflation further.

Today, the Comex gold futures were quoted at $1,840.20/oz, surging by 0.54%, from the last trading day. Yesterday it was last quoted at $1,830.30/oz. The spot gold prices were last quoted at $1839.40/oz, surging by 0.66%, from the last trading day. The US dollar index in the spot market stood at 104.00, falling by 0.03%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,913/10 grams, gaining by 0.57%, from the last trading day.

Analyst Jim Wyckoff told Kitco News, Technically, the August gold futures bears have the overall near-term technical advantage. Bulls' next upside price objective is to produce a close in June futures above solid resistance at the June high of $1,882.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at the overnight high of $1,830.90 and then at this week's high of $1,842.80. First support is seen at last week's low of $1,817.70 and then at the June low of $1,806.10."

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)
Mumbai	47,650/-	51,980/-
Hyderabad	47,650/-	51,980/-
Kerala	47,650/-	51,980/-
Delhi	47,650/-	51,980/-
Kolkata	47,650/-	51,980/-
Bangalore	47,650/-	51,980/-
Chennai	47,700/-	51,030/-