Gold Rates Quoted At Rs. 46,750, US Dollar Falls Marginally: Rates In Major Cities

Indian gold rates quoted flat today, on September 10. This week the US dollar index reached a fresh 52-week high that impacted the gold markets negatively. However, the yellow metal revived later with a fall in the US Dollar index. Today the 22-carat gold rate stood at Rs. 46,750/10 grams, and 24-carat gold rate stood at around Rs. 51,000/10 grams.

"With the mining space presenting a similar set up to the significant 2015 low. This time, it is the $1675 level which has most every analyst and gold sector pundit expecting this critical support line to be broken, ushering in a gold bear market. Yet, the gold price has held long-term support at $1675 with each of its five tests of this critical level over the past two years being met with strong buying. This resilience in the safe-haven metal has taken place directly in the face of one of strongest U.S. dollar rallies experienced in decades, which is a sign of long-term strength. With the bear side of the gold boat becoming more overcrowded by the day, there are more than a few lurking gold bullish catalysts on the horizon to consider with the stock market heading into crash season," analyst David Erfle told Kitco News.

Today, the Comex gold futures were quoted at $1,727.60/oz, up by 0.431%, till last traded. Yesterday it was last traded at $1,720.20/oz. The yellow metal fell by 6.20% this year in the futures market. The spot gold prices were last quoted at $1718.10/oz, up by 0.48%, from the last trading day. The US Dollar index is quoted at 108.97, till last traded. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 50521/10 grams, up by 0.33%, from the last trading day.

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