Gold prices continued to trade lower on Friday as the dollar index held near its 20-year peak. The US Federal Reserve’s ultra-hawkish monetary policy outcome of more aggressive interest rate hikes going forward also weighed on the bullion’s appeal. Higher interest rates in the economy tend to hurt the appeal of the non-interest-yielding yellow metal.
The dollar index surged to a new two-decade high on Thursday, making the greenback-prices bullion more expensive for buyers holding other currencies. The benchmark 10-year US Treasury yield was at an 11-year high lifted by the Fed’s 75 basis-points hike and its hawkish outlook on Wednesday.
Also Read | How US Fed rate hike may hurt Indian economy
Gold prices on the Multi Commodity Exchange (MCX) increased on Friday, September 23, 2022. Gold futures were trading at Rs 49,536.00 per 10 gm, down 464 points or 0.93%, in the Indian market. Silver futures were trading at Rs 57,278.00 per kg, down 749 points or 1.29%.
In global markets, gold was priced at $1,658.00 per oz, while silver is priced at $19.37. Platinum was trading at $897.00, while palladium was trading at $2,113.00.
Copper futures were trading at Rs 633.80 down 3.44% while Natural Gas and Aluminium futures were trading at Rs 579.00 and Rs 194.70 per Kg respectively on MCX.
In the spot market, the 22-carat gold was sold at Rs 48,700 per 10 grams while silver was priced at Rs 57,343 per kg on Thursday according to the Indian Bullion and Jewellers Association.
According to the Good Returns website, ten grams of 22-carat gold is being sold for Rs 46,500 in Mumbai and Kolkata. In Chennai, the same amount of yellow metal can be purchased for Rs 46,900. Today, it costs Rs 46,650 in New Delhi.
The 24-carat gold rate is Rs 50,730 for ten grams of metal in Kolkata and Mumbai. In Chennai, the same amount of gold is being traded for Rs 51,160. It can be purchased for Rs 50,890 in New Delhi.
In Vijayawada, Bhubaneswar, and Vishakhapatnam, ten grams of 24-carat gold costs Rs 50,730. The same amount of 24-carat gold can be purchased for Rs 50,780 in Mangalore, Mysore, and Surat.
Ten grams of 22-carat gold costs Rs 46,530 and Rs 46,900 in Patna and Madurai, respectively. The same amount of 24-carat purity costs Rs 50,760 in Patna. It is worth Rs 51,160 in Madurai.
Ten grams of 22-carat gold is bought and sold for Rs 46,650 in Chandigarh and Lucknow. In both cities, the same quantity of 24-carat purity is sold for Rs 50,890.