Gold Rate Fall Marginally Today, Quoted At Rs. 47650: Check Rates In Different Cities

The gold market in India has been only marginally bearish today. The 22 carat gold rate is quoted around Rs. 47650/10 grams, and 24 carat gold rate is quoted around Rs. 51980/10 grams, falling by Rs. 100. The rates of the yellow metal are a bit high this month in India, and no wedding season is coming soon. So, the retail demand for gold is falling now.

The recent interest rate hikes by the US Fed pulled the gold prices down marginally as an immediate effect, for two days. However, this trend did not last long for the gold market. At present, commodity markets are not witnessing any major volatility, mostly the rate graph is not trading at a very low price. The after-effects of the pandemic and the east European war are not letting the gold rate drop now. In addition to that, the rising inflation rate in the major economies including the US is pushing the gold rates higher. The next inflation data will be attracting investors' eyes largely. If the inflation rate falls on a month-on-month basis, gold rates can fall, but if the inflation rate rises again, the yellow metal will thrive in the international market, reflecting the same trend in India.

Commenting on the upcoming price estimates, 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 $1,848.40 and then at $1,861.50. First support is seen at $1,825.00 and then at $1,816.30."

The Comex gold futures were quoted at $1835.10/oz, falling by 0.28%, from the last trading day. Yesterday it was last quoted at $1840.60/oz. The spot gold prices were last quoted at $1834.10/oz, falling by 0.30%, from the last trading day. The US dollar index in the spot market stood at 104.41, falling by 0.02%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,754/10 grams, gaining by 0.04%, from the last trading day.

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