Gold prices fell on Thursday as red-hot US inflation data frightened investors, fueling expectations of a rate hike at the forthcoming Fed policy meeting.

The Federal Reserve is expected to increase interest rates by a hefty 100 basis points at its policy meeting on July 26-27.

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Gold prices on the Multi Commodity Exchange (MCX) decreased marginally on Thursday, July 14, 2022. Gold futures were trading at Rs 50,472.00 per 10 gm, down 330 points or 0.65%, in the Indian market. Silver futures were trading at Rs 56,591.00 per kg, down 536 points or 0.94%.

In global markets, gold was priced at $1,725.19 per oz while Silver is priced at $19.00. Platinum was trading at $844.45 while palladium was trading at $1,966.28. 

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In the spot market, the 22-carat gold was sold at Rs 49,580 per 10 grams while silver was priced at Rs 56,074 per kg on Wednesday according to the Indian Bullion and Jewellers Association.  

Copper futures were trading at Rs 624.00 down 1.24% while Natural Gas and Aluminium futures were trading at Rs 534.90 and Rs 206.00 per Kg respectively on MCX. 

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Ten grams of 22-carat gold is bought and sold for Rs 46,700 in Mumbai, New Delhi, and Kolkata. According to the Good Returns website, the same amount of the precious yellow metal is being traded at Rs 46,600 in Chennai.

The 24-carat gold rates are Rs 50,950 for ten grams in Kolkata, New Delhi, and Mumbai. In Chennai, the same amount of 24-carat purity may be purchased for Rs 50,840.

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Ten grams of 22-carat gold costs Rs 46,840 and Rs 46,770 in Jaipur and Vadodara, respectively. In Jaipur, the same quantity of 24-carat purity is for Rs 51,090, while in Vadodara, it is worth Rs 51,040.

In Hyderabad and Kerala, ten grams of 22-carat gold costs Rs 46,700, whereas in Bengaluru, the same quantity costs Rs 46,740.

The same quantity of 22-carat gold is offered for Rs 46,740 in Mysore and Mangalore. In Kerala and Hyderabad, ten grams of 24-carat gold is worth Rs 50,950. The same amount of 24-carat gold is sold for Rs 51,000 in Bengaluru, Mangalore, and Mysore.

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Ten grams of 22-carat gold costs Rs 46,600 and Rs 46,770 in Madurai and Nagpur, respectively. The same quantity of 24-carat purity costs Rs 50,840 in Madurai and Rs 51,040 in Nagpur.

Ten grams of 22-carat gold costs Rs 46,770 and Rs 46,840 in Pune and Chandigarh, respectively. The same amount of 24-carat purity costs Rs 51,040 in Pune and Rs 51,090 in Chandigarh.