Indian Gold Prices Are Quoted At Rs. 45,940/10 Grams, On Oct 8

Today, on October 8, Indian gold prices have gained by a tad, in line with the international rates. However, today the international rates are not showing very affirmative trends. In India, today, 22 carat gold rates are quoted at Rs. 45,940/10 grams and 24 carat gold rates are quoted at Rs. 46,940/10 grams. The Comex gold future hiked only by 0.01% and was quoted at $1749, while the spot gold prices hiked by 0.21% and were quoted at $1760/oz today till 3.38 PM IST. The range of prices today has fallen than yesterday. On the other hand, the US dollar index in the spot market fell by only 0.04% but stayed at 94.14 at the same time today. In India, the Mumbai MCX gold in October future gained by 0.19% and was quoted at Rs. 46,914/10 grams till today 3.39 PM IST.

In the US employment data and inflation rates influences their monetary policy which eventually impacts the gold markets. Investors are waiting for the US employment data from the country's Labor Department which is one of the most significant US data at present. A report mentioned, "The key non-farm jobs number in that report is forecast at up 500,000 in September after a paltry gain of 235,000 in August. Look for higher market volatility in the immediate aftermath of the jobs report."

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

Commenting on the present price trend, Jim Wyckoff told Kitco, "December gold futures bears have the overall near-term technical advantage. A four-week-old price down-trend is still in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at this week's high of $1,771.50 and then at $1,775.00."