Indian Gold Rates Shows Sharp Jump Of Rs. 500, US Dollar Softens: Check Rates

Reflecting the international trend, Indian gold prices are gaining now. Today, the precious metal has shown a sharp rise of Rs. 500/ 10 grams. In India, the 22-carat gold rate is quoted at around Rs. 46,900/10 grams, and 24-carat gold rate is quoted at around Rs. 51,160/10 grams. As the US Dollar index has fallen marginally this week from its fresh 52-week high, gold rates started to rally internationally. India imports a significant amount of gold from foreign markets. So, the country's domestic gold rates depend on the international markets.

Today, the Comex gold futures were quoted at $1,725.30/oz, gaining by 0.69%, from the last trading day. Yesterday it was last quoted at $1,713.40/oz. The yellow metal fell by 6.07% this year in the futures market. The spot gold prices were last quoted at $1728.30/oz, gaining by 0.47%, from the last trading day. The US Dollar index was quoted at 106.56. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50680/10 grams, surging by 0.61%, from the last trading day.

Commenting on the present market status in the global picture, Neils Christensen told Kitco News, "Activity in the service sector was weaker than expected falling to contraction territory at 47., down from June's reading at 52.7. Economists were looking for a print around 52.6. The gold market is holding on to strong gains in initial reaction to the latest economic data. The market continues to see a solid technical bounce after briefly falling below critical support at $1,700 an ounce. August gold futures last traded at $1,734.50 an ounce, up 1.23% on the day. Readings above 50 in such diffusion indexes are seen as a sign of economic growth and vice-versa. The farther an indicator is above or below 50, the greater or smaller the rate of change."

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