Gold rates in the major Indian cities of Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad fell marginally today. Below is the rates quoted by jewellers in the key Indian cities on July 27, 2021.
22 karats rate in the key Indian cities
|City||22 karats gold price in Indian rupees|
Gold to take cues from the US Fed statement
Gold prices in India would now take cues from global prices, which in turn would largely depend on how the US Fed sees inflation and interest rates in the near future. The US Fed will release its policy statement and if it sounds hawkish, we might see fresh selling pressure in the precious metal. On the MCX, gold prices dropped a tad bit with gold Futures for August delivery trading at Rs 47,394, down about Rs 67 over the previous day's closing.
According to Sandeep Matta, Founder, TRADEIT Investment Advisor, the global markets, gold prices, which were holding firm above the $1800 an ounce mark, fell and were last see trading at $1793 an ounce.
According to him, the US Federal Reserve's meeting holds significance in the coming days on the direction, in which gold would move. Gold prices on MCX are also trading weaker and closed below the Rs 47500 on Monday and exactly matching the global price action, he said.
"From past few days we are regularly advising to avoid long trade due to waning bullish momentum and further anticipate that precious metal is going to break 47000 very soon," Matta says. According to him the key level for GOLD AUG Contract - would be as follows.
Sell Zone Below - 47560 for the target of 47326-47175
Buy Zone Above - 47575 for the target of 47690-47850
Slight dip in international prices
In the global markets, spot gold futures fell below the $1800 an ounce mark to $ 1798 an ounce. Earlier, in the day the precious metal fell to as low as $1793 an ounce, before clawing back a tad bit.
The outcome of Wednesday's US Fed meet would be crucial for gold in the coming days.