Gold prices extended gains on Thursday, after the US dollar and Treasury yields slipped after the Federal Reserve raised interest rates by 75 basis points (bps) as expected. Fed chair Jerome Powell sounded less hawkish on future hikes.

The US central bank on Wednesday raised rates by three-quarters of a percentage point for the second straight meeting to curb soaring inflation. Meanwhile, a sharp decline in purchases by investors pulled global gold demand down 8% in the send quarter compared to the same period in 2021, the World Gold Council said.

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Gold prices on the Multi Commodity Exchange (MCX) surged on Thursday, July 28, 2022. Gold futures were trading at Rs 51,018.00 per 10 gm, up 298 points or 0.59%, in the Indian market. Silver futures were trading at Rs 56,180.00 per kg, up 1336 points or 2.44%.

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In global markets, gold was priced at $1,741.32 per oz while silver at $19.29. Platinum was trading at $896.50 while palladium was trading at $2,083.50.

In the spot market, 22-carat gold was sold at Rs 49,620 per 10 grams while silver was priced at Rs 54,840 per kg on Wednesday according to the Indian Bullion and Jewellers Association.

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Copper futures were trading at Rs 647.50, up by 1.27% while Natural Gas and Aluminium futures were trading at Rs 683.70 and Rs 213.30 per kg respectively on MCX.

Ten grams of 22-carat gold are being purchased and sold at Rs 46,450 in Mumbai, New Delhi, and Kolkata, according to the Good Returns website. In Chennai, the same amount of valuable yellow metal can be purchased for Rs 47,350.

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The 24-carat gold price, ten grams of this in-demand metal costs Rs 50,680 in Kolkata, New Delhi, and Mumbai. The same quantity is being marketed in Chennai for Rs 51,660.

Ten grams of 22-carat gold costs Rs 46,450 in Vijayawada, Kerala, and Hyderabad. The same amount is worth Rs 46,500 in Mysore, Bengaluru, and Mangalore. Ten grams of 24-carat gold cost Rs 50,780 in Vijayawada, Kerala, and Hyderabad. While in Bengaluru, Mysore, and Mangalore, the same amount is being retailed at Rs 50,730.

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Ten grams of 22-carat gold costs Rs 46,460 and Rs 46,450 in Nashik and Vishakhapatnam, respectively. The same amount of 24-carat purity costs Rs 50,690 in Nashik and Rs 50,680 in Vishakhapatnam.

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Ten grams of 22-carat gold costs Rs 46,600 and Rs 47,350 in Chandigarh and Madurai, respectively. The same amount of 24-carat purity may be purchased and sold for Rs 50,830 in Chandigarh and Rs 51,660 in Surat.