Indian Gold Price Gains To Rs. 47,000, US Dollar Down: Check Gold Prices In Major Cities

International gold rates have surged marginally in the last two days, as the US Dollar index and US Treasury Yields falls sharply. The US currency drops to 109.75, falling by 1.08% in trade. Gold is a dollar-dominated asset class, hence gold rates gain if the US currency dips. Today, on October 26, in India the 22-carat gold rate fell to Rs. 47,000, and the 24-carat gold rate gained to Rs. 51,280/10 grams, up by Rs. 150-170 respectively. However, the silver rate surged to Rs. 5810/100 grams today.

In Bangalore, the 22-carat gold rate fell to Rs. 47,050, and the 24-carat gold rate gained to Rs. 51,330/10 grams, surged by Rs. 150-170 respectively.
In Chennai, the 22-carat gold rate fell to Rs. 47,650, and the 24-carat gold rate gained to Rs. 51,980/10 grams, surged by Rs. 250-260 respectively.
In Kolkata, the 22-carat gold rate fell to Rs. 47,000, and the 24-carat gold rate gained to Rs. 51,280/10 grams, surged by Rs. 150-170 respectively.
In Delhi, the 22-carat gold rate fell to Rs. 47,150, and the 24-carat gold rate gained to Rs. 51,430/10 grams, surged by Rs. 100-120 respectively.

In the Mumbai Commodity Exchange (MCX) gold in December future is quoted at Rs. 50683/10 grams, up by 0.10%, from the last trading day. The Comex gold futures were quoted at $1,669.30/oz, up by 0.68%, till last traded. Meanwhile, the US 2-year Treasury bond yield fell to around 4.427%, and the US 10-year Treasury yield fell to around 4.023%.

"Technically, December gold futures prices hit a two-week high today. The gold futures bears have the firm overall near-term technical advantage. However, more price gains in the near term would form a bullish double-bottom reversal pattern on the daily bar chart, to suggest a market bottom is in place. Bulls' next upside price objective is to produce a close above solid resistance at $1,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,600.00. First resistance is seen at $1,690.00 and then at $1,700.00. First support is seen at today's low of $1,653.80 and then at this week's low of $1,641.20," commenting o the present gold market, analyst Jim Wyckoff told Kitco News.