Gold Rates Quite Flat In India, Quoted At Rs. 46,400, Check Future Price Estimation

International gold prices are the major moving force of Indian gold rates, as the country imports large amounts of gold from foreign markets. Gold prices are significantly down at present internationally, although rates have marginally surged in India today. On July 20, the 22-carat gold rate is quoted at around Rs. 46,400/10 grams, and 24-carat gold rate is quoted at around Rs. 50,620/10 grams, surging by around Rs. 100-110/10 grams.

"There has been a "collapse in volatility" on the daily bar chart, which suggests a significantly bigger price move is on the horizon in gold-possibly yet this week. Given that gold prices are trending lower on the daily chart, odds favor that a bigger price move be on the downside. Improved trader/investor risk appetite this week is keeping buyers in the safe-haven metals mostly standing on the sidelines" analyst Jim Wyckoff commented to Kitco News on the present trend.

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

Today, the Comex gold futures were quoted at $1,705.50/oz, falling by only 0.30%, from the last trading day. Yesterday it was last quoted at $1,710.70/oz. The yellow metal fell by 6.37% this year in the futures market. The spot gold prices were last quoted at $1708.70/oz, falling by 0.30%, from the last trading day. The US Dollar index quoted at 106.89, gaining by 0.21%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50323/10 grams, surging by 0.01%, from the last trading day.

Stating the upcoming price expectations, Wyckoff told Kitco News, "August gold futures bears have the solid overall near-term technical advantage. Prices are trending lower on the daily bar chart. However, the recent "collapse in volatility" on the daily bar chart (whereby at least three price bars in a row are significantly smaller than previous price bars) suggests a bigger price move is coming soon. It's important to note that markets typically vacillate between periods of higher volatility and lower volatility, and at present, the gold market is in a period of low volatility."