Gold Price Today: The yellow metal inched higher on Friday as the dollar rally eased. Although the greenback`s remarkable performance overall and fears of aggressive U.S. interest rate hikes weighed on demand for bullion and set prices for a fifth straight weekly loss.
On the Multi Commodity Exchange (MCX), gold August futures were down by 0.10 percent at Rs 50,180 per 10 grams. Whereas Silver September futures were trading at Rs 54,930 per kg, down by 0.19 percent.
Spot gold was up 0.2% at $1,713.04 per ounce, as of 0252 GMT, but has lost 1.6% so far this week. Whereas Spot silver dipped 0.1% to $18.36 per ounce, but has fallen about 4.9% in what could be its seventh straight weekly loss. U.S. gold futures rose 0.4% to $1,712.10.
“Gold has wilted in the face of a stronger U.S. dollar this week, but appears to be trying to form a temporary base ahead of $1,700.00. That said, it is displaying no signs of meaningful upside momentum with rallies limited to the $1,750.00 region,” OANDA senior analyst Jeffrey Halley said.
The dollar edged off recent 20-year highs, easing some pressure on demand for greenback-priced gold among overseas investors, after sending bullion over 2% lower on Thursday.
“In the bigger technical picture, gold still looks vulnerable, with risks skewed to the downside,” Halley said.
Here are the indicative price of 22 Carat Gold Today, 15 July 2022 (except GST, TCS, and other levies)
Chennai : Rs 46,760
Mumbai : Rs 46,900
Delhi : Rs 46,900
Kolkata : Rs 46,900
Bangalore : Rs 46,950
Hyderabad : Rs 46,900
Kerala : Rs 46,900
Ahmedabad : Rs 46,930
Jaipur : Rs 47,050
Lucknow : Rs 47,050
Patna : Rs 46,970
Chandigarh : Rs 47,050
Bhubaneswar : Rs 46,900
(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)