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Gold Price Today: On the Multi-Commodity Exchange (MCX), gold contracts were trading higher by 0.07 percent at Rs 50,656 for 10 grams while silver was trading lower by 0.27% percent to Rs 56,788 a kilogram at 10:15 am on Friday.
The gold rose on Thursday in the international market as a pause in the dollar`s rally encouraged some investors to snap up bargains after two sessions of heavy losses that sent prices to a nine-month low.
Spot gold rose 0.1% to $1,740.16 per ounce by 2:32 p.m. ET (1832 GMT) whereas Spot silver rose 0.2% to $19.21 per ounce. The U.S. gold futures settled up 0.2% to $1,739.
“We`re seeing some good old-fashioned bargain hunting after gold`s dramatic sell-off. There is clearly some interest in buying on dips after yesterday`s move into the low $1,700s,” said David Meger, director of metals trading at High Ridge Futures. “The dollar not increasing further today has also allowed gold to bounce back.”
The greenback has emerged as the preferred safe haven amid growing recession risks and had hit a near two-decade high in the previous session before easing on Thursday.
“Any strength we might see in gold in the short term must be treated with extra care as the selling could easily resume amid an environment of strong US dollar and rising interest rates,” said Fawad Razaqzada, market analyst at City Index.
Here are the indicative prices of 22 Carat Gold Today, 8 July 2022 (except GST, TCS, and other levies)
Chennai : Rs 46,720
Mumbai : Rs 46,850
Delhi : Rs 46,850
Kolkata : Rs 46,850
Bangalore : Rs 46,880
Hyderabad : Rs 46,850
Kerala : Rs 46,850
Ahmedabad : Rs 46,900
Jaipur : Rs 47,000
Lucknow : Rs 47,000
Patna : Rs 46,870
Chandigarh : Rs 47,000
Bhubaneswar : Rs 46,850
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)
(With inputs from Reuters)
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