Gold prices fell on Thursday, trading near two-and-a-half-year lows after the US Federal Reserve increased interest rates by another 75 basis points and flagged more hikes. Fed Chair Jerome Powell vowed that he and his fellow policymakers would “keep at” their battle to beat down inflation.

The dollar index surged to a new two-decade high, making the greenback-prices bullion more expensive for buyers holding other currencies. Gold is seen as a hedge against inflation but rate hikes to control inflation tend to raise the opportunity cost of holding zero-yield bullion.

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Gold prices on the Multi Commodity Exchange (MCX) increased on Thursday, September 22, 2022. Gold futures were trading at Rs 49,765.00 per 10 gm, up 322 points or 0.65%, in the Indian market. Silver futures were trading at Rs 57,862.00 per kg, up 564 points or 0.98%.

In global markets, gold was priced at $1,671.03 per oz, while silver is priced at $19.63. Platinum was trading at $902.50, while palladium was trading at $2,161.14.

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Copper futures were trading at Rs 652.85 up 1.34% while Natural Gas and Aluminium futures were trading at Rs 622.90 and Rs 195.20 per Kg respectively on MCX.

In the spot market, the 22-carat gold was sold at Rs 48,180 per 10 grams while silver was priced at Rs 56,354 per kg on Tuesday 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 46,000 in Mumbai and Kolkata. In Chennai, the same amount of yellow metal can be purchased for Rs 46,400. Today, it costs Rs 46,150 in New Delhi.

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The 24-carat gold rate is Rs 50,200 for ten grams of metal in Kolkata and Mumbai. In Chennai, the same amount of gold is being traded for Rs 50,620. It can be purchased for Rs 50,350 in New Delhi.

Ten grams of 22-carat gold costs Rs 46,030 and Rs 45,150 in Pune and Jaipur, respectively. In Pune, the same amount of valuable metal is worth Rs 50,230, while in Jaipur, it is worth Rs 50,350.

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Ten grams of 22-carat gold costs Rs 46,000 in Vijayawada, Bhubaneswar, and Vishakhapatnam. The same amount can be purchased for Rs 46,050 in Mysore, Mangalore, and Surat. In Vijayawada, Bhubaneswar, and Vishakhapatnam, ten grams of 24-carat gold costs Rs 50,200. The same amount of 24-carat gold can be purchased for Rs 50,240 in Mangalore, Mysore, and Surat.

Ten grams of 22-carat gold costs Rs 46,030 and Rs 46,400 in Patna and Madurai, respectively. The same amount of 24-carat purity costs Rs 50,230 in Patna. It is worth Rs 50,620 in Madurai.

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Ten grams of 22-carat gold is bought and sold for Rs 45,150 in Chandigarh and Lucknow. In both cities, the same quantity of 24-carat purity is sold for Rs 50,350.