Gold Price Today: Yellow metal set for fifth weekly loss on dollar surge, rate-hike fears – Check gold price of your city

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 US 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. US gold futures rose 0.4% to $1,712.10.

“Gold has wilted in the face of a stronger US 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 jeweler before investing/purchasing.)

(With inputs from Reuters)

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