Indian Gold Market Stands Flat Today, Globally Gold Quoted At Around US$ 1,784/oz

The global gold market is only marginally up today, as the US Dollar fell by a tad. In the Comex futures, gold is quoted at around US$ 1,784.30. Following the same trend, the Indian gold market also remained flat. On August 18, the 22-carat gold rate stood at Rs. 47,900/10 grams, and 24-carat gold rate stood at around Rs. 52,250/10 grams, which remained the same as yesterday. Analysts suggest buying gold to enhance the assurance of the investment portfolio. Having at least 15-20% gold in your portfolio can help the investors to beat inflation.

Today, the Comex gold futures were quoted at $1,783.70/oz, gaining by 0.39%, from the last trading day. Yesterday it was last quoted at $1,776.70/oz. The yellow metal fell by 2.81% this year in the futures market. The spot gold prices were last quoted at $1772.10/oz, gaining by 0.54%, from the last trading day. The US Dollar index is quoted at 106.54, down by 0.09%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 51828/10 grams, gaining by 0.57%, from the last trading day.

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	47,900/-	52,250/-
Hyderabad	47,900/-	52,250/-
Kerala	47,900/-	52,250/-
Kolkata	47,900/-	52,250/-
Delhi	48,050/-	52,400/-
Bangalore	47,950/-	52,310/-
Chennai	48,300/-	52,770/-

Giving a market outlook, analyst Jim Wyckoff told Kitco News, "Technically, the October gold futures bears have the overall near-term technical advantage. 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. First resistance is seen at the overnight high of $1,786.30 and then at $1,800. First support is seen at the August low of $1,759.70 and then at $1,750."