Gold Rate Today (August 14): Yellow metal futures slip below Rs 70,500 level tracking global market; see city-wise spot rate list

Gold Rate Today (August 14): Domestic gold futures inched lower on Wednesday tracking global benchmark rates as investors awaited a key US inflation reading due later in the day that could impact the course of interest rates in the coming months. Silver, however, bucked the global trend, registering mild gains. Around noon on MCX, gold futures were weaker by Rs 110, or 0.2 per cent, for the day, at Rs 70,589 while silver futures were stronger by Rs 113, or 0.1 per cent, at Rs 81,162.

MCX gold futures (October 4) gyrated in a Rs 134 range, between Rs 70,493 and Rs 70,627, in intraday trade so far. The December 5 contract was flat at Rs 71,160. 

Silver futures (September 5) moved within a range of Rs 80,911-81,265 in the first half of the morning session. 

Trading on MCX takes place in two session: from 9 am to 5 pm, and then from 5 pm to 11:30/11:55 pm.

The rupee appreciated by seven paise - or 0.1 per cent - to trade at 83.90 against the US dollar at the last count, as the greenback eased.

The dollar index - which measures the US currency against five peers other than the rupee - was steady at 102.6. The index compares the greenback against the euro, the Swiss franc, the Japanese yen, the Canadian dollar, the British pound, and the Swedish krona.

Globally, spot gold was last seen trading at $2,461 per ounce, not far from a record high of $2,483.6 last month, while spot silver was at $27.7 an ounce. 

"The US CPI inflation data will give further directions to bullion markets. Gold is expected to hold $2,688 per troy ounce and silver could also hold $26.40 per troy ounce levels on a weekly closing basis. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions," said Manoj Kumar Jain, director at Prithvi Finmart.

He sees support for gold in the $2,488-2,472 range and resistance at $2,522-2,540 levels, and support for silver at $27.5-27.2 and resistance at $28.15-28.5 per troy ounce. 

US CPI data is due at 6 pm India time on Wednesday. 

Back home on Tuesday, the spot rates of gold and silver stood at Rs 70,158 per 10 grams and Rs 80,510 per kilogram respectively, according to the MCX portal. 

How to trade gold and silver on MCX?

Gold has support at Rs 70,440-70,220 and resistance at Rs 70,920-71,160 while silver has support at Rs 80,450-79,900 and resistance at Rs 81,700-82,200, according to Jain.

The analyst suggests buying gold around Rs 70,550 for a target of Rs 71,100 with a stop loss at Rs 70,220, and buying silver around Rs 80,800 for a target of Rs 82,000 with a stop loss at Rs 80,220. 

Here's a city-wise list of gold rates in a few cities

With inputs from agencies