Gold Rate Today: Gold falls ahead of RBI decision, US inflation data. Check price of yellow metal in Delhi, Ahmedabad & other Indian cities

economictimes.indiatimes.com:

Meanwhile, from the Indian standpoint, investors will be keenly looking at the monetary policy announcements during the day. The October gold futures were trading with losses at Rs 58,966 per 10 grams on the MCX in the opening trade, down Rs 282 or 0.48%. Meanwhile, September Silver futures were trading at Rs 69950, down Rs 266 or 0.38%.

Click to know more On the Comex, Gold futures were trading at $1,951 per troy ounce on Thursday, up $0.40 or 0.02% while Silver futures were trading at $22.745, up $0.014 or 0.60%. «Spot gold closed with a loss of 0.53% at $1914.59 Wednesday as the total known global gold ETF holdings fell for the twelfth straight day through August 8. China's PPI and CPI inflation data fell on a y-o-y basis, thus raising concerns about deflation.

The US Dollar Index closed 0.05% lower at 102.48. The two-year US yields were up 1.06%, whereas the ten-year yields slipped 0.30%,» Praveen Singh, Associate Vice President, Fundamental Currencies and Commodities at Sharekhan said. The US CPI inflation data for July that is to be announced later in the day will be crucial for the metal, Singh said, adding that softer than expected CPI data may support the metal prices to some extent.

However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat, he said while putting support at $1,900-$1,890 and resistance at $1,930-$1,950. Commenting on technical charts, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said that on the daily timeframe, October Gold futures were currently near their upward trend line support at Rs 58,945. If this level is broken, it could lead to a strong entrance of bearish activity in the market, she warned.