Gold prices remained flat on Tuesday, pinned close to a
one-week low touched in the previous session, as a strong dollar and the
prospect of further oversized rate hikes by the US Federal Reserve lowered the
zero-yielding asset’s appeal. While gold is often seen as a hedge against
inflation, rising US interest rates increase the opportunity cost of holding
non-yielding gold.

In India, gold prices have seen a sharp decline in the last
couple of days weighed by international cues and fluctuating commodities
prices. 

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Gold prices on the Multi Commodity Exchange (MCX) decreased
on Tuesday, October 11, 2022. Gold futures were trading at Rs 50,900.00 per 10
gm, down 123 points or 0.24%, in the Indian market. Silver futures were trading
at Rs 58,495.00 per kg, down 607 points or 1.03%.

In global markets, gold was priced at $1,667.48 per oz,
while silver is priced at $19.42. Platinum was trading at $894.00, while
palladium was trading at $2,180.50.

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Copper futures were trading at Rs 651.25 up 0.13% while
Natural Gas and Aluminium futures were trading at Rs 539.70 and Rs 196.90 per
Kg respectively on MCX.

In the spot market, the 22-carat gold was sold at Rs 49,890
per 10 grams while silver was priced at Rs 58,949 per kg on Monday according to
the Indian Bullion and Jewellers Association.

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According to the Good Returns website, ten grams of
22-carat gold is being sold for Rs 46,900 in Mumbai and Kolkata. In Chennai,
the same amount of yellow metal can be purchased for Rs 47,400. Today, it costs
Rs 47,050 in New Delhi.

The 24-carat gold rate is Rs 51,161 for ten grams of metal
in Kolkata and Mumbai. In Chennai, the same amount of gold is being traded for
Rs 51,710. It can be purchased for Rs 51,330 in New Delhi.

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Ten grams of 22-carat gold costs Rs 46,930 and Rs 47,050 in
Pune and Jaipur, respectively. In Pune, the same amount of valuable metal is
worth Rs 51,190, while in Jaipur, it is worth Rs 51,330.

Ten grams of 22-carat gold costs Rs 46,900 in Vijayawada,
Bhubaneswar, and Vishakhapatnam. The same amount can be purchased for Rs 46,950
in Mysore, Mangalore, and Surat. In Vijayawada, Bhubaneswar, and
Vishakhapatnam, ten grams of 24-carat gold costs Rs 51,160. The same amount of
24-carat gold can be purchased for Rs 51,220 in Mangalore, Mysore, and Surat.

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Ten grams of 22-carat gold costs Rs 46,930 and Rs 47,400 in
Patna and Madurai, respectively. The same amount of 24-carat purity costs Rs
51,190 in Patna. It is worth Rs 51,710 in Madurai.

Ten grams of 22-carat gold is bought and sold for Rs 47,050
in Chandigarh and Lucknow. In both cities, the same quantity of 24-carat purity
is sold for Rs 51,330.