Gold Price Today: Supported by a pullback in the US Treasury yields, the price of yellow metal edged higher on Thursday (August 4). While cautious investors awaited key US non-farm payrolls report due this week for more cues on the Federal Reserve`s rate-hike stance, as per Reuters report.
On the Multi Commodity Exchange (MCX), gold October futures were up by 0.88 percent at Rs 51,840 per 10 grams. Whereas silver September futures were trading at Rs 57,975 per kg, rose by 0.73 percent.
Spot gold was up 0.3% at $1,770.33 per ounce, as of 0434 GMT. Whereas spot silver eased 0.1% to $20.01 per ounce. U.S. gold futures rose 0.6% to $1,787.10.
The benchmark US 10-year Treasury yield slipped from its highest level in more than a week, reducing the opportunity cost of holding non-interest-bearing gold, said Reuters.
“Most of the investors are on the sidelines because there are tensions brewing between U.S. and China, so people are not sure what is going to happen,” said Brian Lan, managing director at dealer GoldSilver Central.
“Furthermore, there is also another area that people are thinking that if interest rates are going up, probably holding the dollar might make more sense than holding gold. So I expect gold prices to be range-bound in the near term,” he added.
Here are the indicative price of 22 Carat Gold Today (August 4) in major Indian cities (except GST, TCS, and other levies):
Chennai : Rs 48,250
Mumbai : Rs 47,500
Delhi : Rs 47,650
Kolkata : Rs 47,500
Bangalore : Rs 47,550
Hyderabad : Rs 47,500
Kerala : Rs 47,500
Ahmedabad : Rs 47,550
Jaipur : Rs 47,240
Lucknow : Rs 47,650
Patna : Rs 47,530
Chandigarh : Rs 47,650
Bhubaneswar : Rs 47,500
(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)