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Gold Price Today: Will yellow metal price surge further? Check rates in your city

Gold Price Today: Will yellow metal price surge further? Check rates in your city

Gold Price Today: Heading for their fourth consecutive weekly gain, the yellow metal prices steadied on Friday. Gold showed this behavior as a broader weakness in the dollar countered pressure from an uptick in Treasury yields and prospects of U.S. interest rate hikes.

On the Multi Commodity Exchange (MCX), Gold October futures were up by 0.10 percent at Rs 52,390 per 10 grams. Whereas silver September futures were also seen trading at Rs 58,521 per kg, up by 0.25 percent at 12:00 pm on Friday.

Spot gold held its ground at $1,790.23 per ounce, as of 0511 GMT, and has gained nearly 1% so far this week. Whereas Spot silver gained 0.2% to $20.34 per ounce. U.S. gold futures edged 0.1% lower to $1,806.10, as per Reuters report.

“Fundamentally gold is facing conflicting factors here. On one hand, we have a weaker U.S. dollar helping, but the other side of the equation is of course the rise in yields,” said Ilya Spivak, a currency strategist at DailyFX.

The dollar was set for its third weekly loss in four, making gold less expensive for other currency holders, said Reuters.

“With U.S. inflation data now behind us, it is almost like the calm after the storm and that has led to tight ranges for currencies and commodities after a spell of volatility a couple of days ago,” said Matt Simpson, a senior market analyst at City Index.

Here are the indicative price of 22 Carat Gold Today, 12 August 2022, in major Indian cities (except GST, TCS, and other levies):

Chennai : Rs 48,900

Mumbai : Rs 47,750

Delhi : Rs 47,900

Kolkata : Rs 47,750

Bangalore : Rs 47,800

Hyderabad : Rs 47,750

Kerala : Rs 47,750

Ahmedabad : Rs 47,800

Jaipur : Rs 47,900

Lucknow : Rs 47,900

Patna : Rs 47,780

Chandigarh : Rs 47,900

Bhubaneswar : Rs 47,750

(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)