Gold Rate Falls To Rs. 47,250 In India, Globally Gold Plunges Sharply: Check Rates

Indian gold rates revive only marginally today, after falling significantly in the past three days. Today, on August 30, the yellow metal gained by Rs. 100-110/ 10 grams. The 22-carat gold rate stood at Rs. 47,250/10 grams, and 24-carat gold rate stood at around Rs. 51,540/10 grams. Investors are now having sharp eyes on the August US employment report from the Labor Department this Friday. Recently, the key employment growth number is forecast to be at 325,000 in August, whereas it showed a gain of 528,000 non-farm jobs in July. The upcoming employment data will be having significant impacts on commodity prices, including gold and silver prices globally.

The US Federal Reserve Chairman Jerome Powell recently stated that in September the central bank can initiate further rate hikes continuing its restrictive stance. If the Fed hikes the rate again, it might negatively impact the gold rates.

Today, the Comex gold futures were quoted at $1,736/oz, falling by 0.78%, from the last trading day. Yesterday it was last quoted at $1,749.70/oz. The yellow metal fell by 5.75% this year in the futures market. The spot gold prices were last quoted at $1725/oz, falling by 0.76%, from the last trading day. The US Dollar index is quoted at 108.77, gaining by 0.11%.

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

City	22 carat (INR/10 Grams)	24 carat (INR/10 Grams)
Mumbai	47,250/-	51,540/-
Hyderabad	47,250/-	51,540/-
Kerala	47,250/-	51,540/-
Kolkata	47,250/-	51,540/-
Delhi	47,400/-	51,600/-
Bangalore	47,260/-	51,590/-
Chennai	47,900/-	52,250/-

Additionally, commenting on the present market trend, analyst Jim Wyckoff told Kitco News, "Technically, October gold futures prices hit a four-week low early on today. The gold futures bears still have the firm overall near-term technical advantage. 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 the July low of $1,686.30. First resistance is seen at $1,750.00 and then at last Friday's high of 1,762.30. First support is seen at $1,730.00 and then at today's low of $1,722.50."