Gold prices declined on Thursday, as the dollar and Treasury yields gained ground after comments from Federal Reserve officials pointed to aggressive interest rate hikes despite signs of slowing US inflation. The US CPI inflation dropped to 8.5% in July from the four decades high of 9.1% in June.

Gold is highly sensitive to increasing US interest rates, as these raise the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.

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Gold prices on the Multi Commodity Exchange (MCX) slipped on Thursday, August 11, 2022. Gold futures were trading at Rs 52,235.00 per 10 gm, down 6 points or 0.01%, in the Indian market. Silver futures were trading at Rs 58,675.00 per kg, down 285 points or 0.48%.

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In global markets, gold was priced at $1,788.55 per oz while silver was at $20.44. Platinum was trading at $961.00 while palladium was trading at $2,269.81.

Copper futures were trading at Rs 667.40, up by 1.16% while Natural Gas and Aluminium futures were trading at Rs 658.80 and Rs 1.84 per kg respectively on MCX.

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Ten grams of 22-carat gold is being purchased and sold at Rs 47,350 in Mumbai and Kolkata, according to the Good Returns website. The same amount of valuable yellow metal can be purchased for Rs 48,930 in Chennai and Rs 47,550 in New Delhi.

The 24-carat gold price, ten grams of this in-demand metal costs Rs 51,650 in Kolkata and Mumbai. The same quantity is being marketed at Rs 53,380 in Chennai and Rs 51,870 in New Delhi.

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In Vadodara and Jaipur, 10 grams of 22-carat gold is being sold at Rs 47,380 and Rs 47,550, respectively. The same amount of 24-carat purity is being traded at Rs 51,690 in Vadodara and Rs 51,870 in Jaipur.

Ten grams of 22-carat gold costs Rs 47,350 in Vijayawada, Kerala, and Hyderabad. The same amount is worth Rs 47,400 in Mysore, Bengaluru, and Mangalore. Ten grams of 24-carat gold in Kerala, Vijayawada, and Hyderabad is being procured at Rs 51,650. In Bengaluru, Mysore, and Mangalore, the same amount of 24-carat gold is being retailed at Rs 51,710.

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Ten grams of 22-carat gold costs Rs 47,380 and Rs 48,930 in Pune and Coimbatore, respectively. The same amount of 24-carat purity costs Rs 51,690 in Pune and Rs 53,380 in Coimbatore.

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Ten grams of 22-carat gold costs Rs 47,550 and Rs 47,400 in Chandigarh and Surat. The same amount of 24-carat purity may be purchased and sold for Rs 51,870 in Chandigarh and Rs 51,710 in Surat.