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Indian Gold Prices Fall Sharply By Rs. 660, Ahead Of US CPI Inflation Data: Check Rates

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International gold rates have fallen sharply today in the futures markets, ahead of the US CPI inflation data publication. Following the global trend, in India, on August 10, the 22-carat gold rate stood at Rs. 47,350/10 grams and the 24-carat gold rate stood at around Rs. 51,650/10 grams, falling by Rs. 600 and Rs. 660/10 grams, respectively. The US headline inflation rate is anticipated to ease in July, as the US Central Bank, the Federal Reserve has hiked the interest rate multiple times this year, aiming for the inflation rate to take down. In the last FOMC meeting, the Fed raised the rate by 75bps. Additionally, the states have also reported strong employment data, indicating an improvement in the economy. So, the safe haven investments like gold and silver prices are falling today.

 
Indian Gold Prices Fall Sharply By Rs. 660, Ahead Of US CPI Inflation Data

Today, the US Dollar index has also been volatile, while the currency closed at 106.37 yesterday. On that matter, Reuters reports, "The safe-haven dollar edged higher on Tuesday, erasing earlier losses as risk appetite dwindled ahead of key inflation figures that could offer clues on how aggressive the Federal Reserve will be in its expected interest rate hike in September."

Today, the Comex gold futures were quoted at $1,808.60/oz, falling by 0.20%, from the last trading day. Yesterday it was last quoted at $1,812.30/oz. The yellow metal fell by 1.81% this year in the futures market. The spot gold prices were last quoted at $1793.70/oz, falling by 0.07%, from the last trading day. The US Dollar index was quoted at 105.93, falling by 0.39%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 52376/10 grams, falling by 0.22%, from the last trading day.

Commenting on the bearish market trend, analyst Jim Wyckoff told Kitco News, "Technically, October gold futures prices hit a four-week high today. The gold futures bears still have the slight overall near-term technical advantage. However, a fledgling price uptrend is in place on the daily bar chart to suggest more upside in the near term. Bulls' next upside price objective is to produce a close above solid resistance at $1,850.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at today's high of $1,806.00 and then at 1,825.00."

 

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

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai47,350/-51,650/-
Hyderabad47,350/-51,650/-
Kerala47,350/-51,650/-
Delhi47,350/-51,650/-
Kolkata47,350/-51,650/-
Bangalore47,400/-51,710/-
Chennai48,930/-53,380/-

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