Gold Price Today: Yellow metal falters as dollar recovers after decline – check gold price in your city

Gold Price Today: The gold price fell by Rs 84 on MCX and traded at Rs 50902 per 10 grams in early trade on Friday, June 17, 2022. The yellow metal declined in the international market as the dollar and U.S. Treasury yields recovered after declining in the previous session.

Spot gold dropped 0.7% to $1,844.25 per ounce by 0238 GMT, whereas spot silver fell 0.6% to $21.79 per ounce. The U.S. gold futures dipped 0.2% to $1,846.90. Pic: Reuters

Gold Price Today: The gold price fell by Rs 84 on MCX and traded at Rs 50902 per 10 grams in early trade on Friday, June 17, 2022. The yellow metal declined in the international market as the dollar and U.S. Treasury yields recovered after declining in the previous session.

Spot gold dropped 0.7% to $1,844.25 per ounce by 0238 GMT, whereas spot silver fell 0.6% to $21.79 per ounce. The U.S. gold futures dipped 0.2% to $1,846.90.

"We haven`t really moved a whole lot. We`re still kind of stuck in this $1,800 to $1,880-90 range looking for direction", and gold needs clarity on the impact of rates, said Ilya Spivak, a currency strategist at DailyFX told Reuters.

TRENDING NOW

"That clarity will either have investors say - yes, I think inflation is going to be contained - gold lower, or no - I don`t think inflation is going to be contained, I want an alternative store of value - gold higher," Spivak added.

As investors feared that sharp rate hikes would tip economies into recession, world stocks headed for their worst week since a market meltdown in the beginning of the pandemic in March 2020.

The Federal Reserve of the United States raised interest rates for the first time since 1994 this week, as it scrambles to rein in soaring inflation. inflation. The opportunity cost of holding non-yielding gold increases as interest rates rise in the United States.

According to Reuters, "Going forward, we expect dollar strength and recovering bond yields to cap gold prices", as the Fed delivers on its hawkish stance, Fitch Solutions said in a note.

"However, prices will not collapse back to pre-COVID-19 levels as gold will remain supported by the evolving Russia-Ukraine war, rising global inflation, and the still persisting pandemic," it added.

Here are indicative prices of 22 Carat Gold Today, 17 June 2022 (except GST, TCS, and other levies)

Chennai : Rs 47,650

Mumbai : Rs 47,550

Delhi : Rs 47,580

Kolkata : Rs 47,580

Bangalore : Rs 47,580

Hyderabad : Rs 47,550

Kerala : Rs 47,550

Ahmedabad : Rs 47,550

Jaipur : Rs 47,700

Lucknow : Rs 47,700

Patna : Rs 47,620

Chandigarh : Rs 47,700

Bhubaneswar : Rs 47,580

(Disclaimer: These are indicative prices collected from trusted sources. You must collate the price with your jeweller before investing/purchasing.)

TAGS: