Gold Rates Quoted At Rs. 46,950 Surging Marginally, US Dollar Index Weakens

Gold rates surged in the international markets only by a tad today, after a sharp fall due to a gain in the US Dollar index. Today, the 22-carat gold rate is quoted at around Rs. 46,950/10 grams, and 24-carat gold rate is quoted at around Rs. 51,210/10 grams, gaining by Rs. 100 in India, following the global trends. Today, the US Dollar index fell marginally after reaching the 52-week high level.

Watching the present market trend, many analysts are thinking that gold can face more downside. Prices can also fall to around $1,700-$1,650/oz. OANDA senior market analyst Edward Moya told Kitco News, "Once $1,800 broke this week, the selling pressure was tremendous. How much more will we see? Still looking at a market where gold could be vulnerable to test $1,700. If things get ugly, gold could be vulnerable to $1,650-$1,675 - that's where buyers return. Gold is vulnerable to this plunge. That's the key level. To the upside, $1,770 is the key resistance level for gold."

However, investors are still mooting that gold is a safe-haven. The inflation rate and interest rate in the US further will move the metal's prices. Now, the tight monetary policy and surging US bond yields are the reasons gold is falling significantly.

Today, the Comex gold futures were quoted at $1,740.90/oz, gaining by only 0.06%, from the last trading day. Yesterday it was last quoted at $1,739.70/oz. The spot gold prices were last quoted at $1743.60/oz, gaining by 0.16%, from the last trading day. The US Dollar index quoted at 106.90. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50810/10 grams, gaining by 0.37%, from the last trading day.

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