Gold prices fell for the sixth consecutive session to hit their lowest in more than three weeks amid rising gloom for the safe-haven bullion. A strong US dollar and expectations of further rate hikes from the US Federal Reserve to curb surging inflation weigh on the sentiments for the yellow metal. A 50 basis points (bps) rate hike is expected by the Fed in September.

Gold prices on the Multi Commodity Exchange (MCX) declined sharply on Monday, August 22, 2022. Gold futures were trading at Rs 51,080.00 per 10 gm, down 399 points or 0.78%, in the Indian market. Silver futures were trading at Rs 54,866.00 per kg, down 630 points or 1.14%.

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In global markets, gold was priced at $1,734.81 per oz while Silver is priced at $18.94. Platinum was trading at $884.50 while palladium was trading at $2,083.50.

In the spot market, the 22-carat gold was sold at Rs 50,560 per 10 grams while silver was priced at Rs 55,881 per kg on Friday according to the Indian Bullion and Jewellers Association.

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Copper futures were trading at Rs 669.00 down 0.71% while Natural Gas and Aluminium futures were trading at Rs 762.50 and Rs 209.60 per Kg respectively on MCX.

According to the Good Returns website, ten grams of 22-carat gold is being sold for Rs 47,600 in Mumbai and Kolkata. In Chennai, the same amount of yellow metal can be purchased for Rs 48,150. Today, it costs Rs 47,750 in New Delhi.

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The 24-carat gold rate is Rs 51,930 for ten grams of metal in Kolkata and Mumbai. In Chennai, the same amount of gold is being traded for Rs 52,530. It can be purchased for Rs 52,100 in New Delhi.

Ten grams of 22-carat gold costs Rs 47,630 and Rs 47,750 in Pune and Jaipur, respectively. In Pune, the same amount of valuable metal is worth Rs 51,960, while in Jaipur, it is worth Rs 52,100.

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Ten grams of 22-carat gold costs Rs 47,600 in Bangalore, Hyderabad and Kerala. The same amount can be purchased for Rs 47,650 in Mysore, Mangalore, and Surat. In Bangalore, Hyderabad and Kerala, ten grams of 24-carat gold costs Rs 51,930. The same amount of 24-carat gold can be purchased for Rs 51,980 in Mangalore, Mysore, and Surat.

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Ten grams of 22-carat gold costs Rs 47,630 and Rs 48,150 in Patna and Madurai, respectively. The same amount of 24-carat purity costs Rs 51,930 in Patna. It is worth Rs 52,530 in Madurai.

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Ten grams of 22-carat gold is bought and sold for Rs 47,750 in Chandigarh and Lucknow. In both cities, the same quantity of 24-carat purity is sold for Rs 52,100.