Gold Price Today: On the Multi-Commodity Exchange (MCX), the future gold contracts were trading higher by 0.61 percent at Rs 50,680 for 10 grams while silver was trading lower by 0.56% percent to Rs 55,100 a kilogram at 10:45 am on Saturday.
As a pullback in US Treasury yields and the dollar’s decline strengthened the safe-haven appeal of non-yielding bullion as economic risks remained, the yellow metal headed for its first weekly gain in six on Friday.
Spot gold rose 0.2% to $1,721.29 per ounce by 2:21 p.m. EDT (1821 GMT). It was up about 1% so far this week, following a strong rebound from a more than one-year low of $1,680.25 on Thursday. Whereas spot silver fell 1.7% to $18.53 per ounce, bound for its eight straight weekly decline.
U.S. gold futures settled 0.8% higher at $1,727.4.
“Assuming the Fed hikes by 75 bps in July, we believe the bulk of the near-term downside risk has been priced in; but the longer-term trend is still to the downside,” Standard Chartered analyst Suki Cooper said in a note.
But gold could also find support from a price-responsive physical market and if recession risks deepen, Cooper added.
Here are the indicative price of 22 Carat Gold Today, 23 July 2022, in major Indian cities (except GST, TCS, and other levies):
Chennai : Rs 46,800
Mumbai : Rs 46,400
Delhi : Rs 46,400
Kolkata : Rs 46,400
Bangalore : Rs 46,450
Hyderabad : Rs 46,400
Kerala : Rs 46,400
Ahmedabad : Rs 46,470
Jaipur : Rs 46,550
Lucknow : Rs 46,550
Patna : Rs 46,420
Chandigarh : Rs 46,550
Bhubaneswar : Rs 46,450
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)
(With the input of Reuters)