Gold prices remained flat on Wednesday, as investors awaited the minutes from the US Federal Reserve’s last policy meeting later in the day that could offer insights on further interest rate hikes amid inflationary worries.

The minutes of the US Fed’s July 26-27 policy meeting are due later in the day. The Fed has raised its benchmark short-term interest rate by 225 basis points since March to curb soaring inflation.

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Gold prices on the Multi Commodity Exchange (MCX) rose marginally on Wednesday, August 17, 2022. Gold futures were trading at Rs 51,855.00 per 10 gm, up 18 points or 0.03%, in the Indian market. Silver futures were trading at Rs 57,392.00 per kg, down 273 points or 0.47%.

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Copper futures were trading at Rs 664.10, down by 0.39% while Natural Gas and Aluminium futures were trading at Rs 774.30 and Rs 210.40 per kg respectively on MCX.

In global markets, gold was priced at $1,773.93 per oz while silver was at $19.95. Platinum was trading at $930.50 while palladium was trading at $2,156.21.

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In the spot market, 22-carat gold was sold at Rs 50,810 per 10 grams while silver was priced at Rs 57,721 per kg on Tuesday according to the Indian Bullion and Jewellers Association.

Ten grams of 22-carat gold is being purchased and sold at Rs 47,990 in Mumbai and Kolkata, according to the Good Returns website. The same amount of valuable yellow metal can be purchased for Rs 48,540 in Chennai and Rs 48,140 in New Delhi.

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The 24-carat gold price, ten grams of this in-demand metal costs Rs 52,350 in Kolkata and Mumbai. The same quantity is being marketed at Rs 52,960 in Chennai and Rs 52,530 in New Delhi.

In Lucknow and Surat, 10 grams of 22-carat gold is being sold at Rs 48,140 and Rs 48,040, respectively. The same amount of 24-carat purity is being traded at Rs 52,520 in Lucknow and Rs 52,430 in Surat.

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Ten grams of 22-carat gold costs Rs 47,990 in Vishakhapatnam, Kerala, and Hyderabad. The same amount is worth Rs 48,040 in Mysore, Bengaluru, and Ahmedabad. Ten grams of 24-carat gold in Kerala, Vishakhapatnam, and Hyderabad is being procured at Rs 52,350. In Bengaluru, Mysore, and Ahmedabad, the same amount of 24-carat gold is being retailed at Rs 52,430.

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Ten grams of 22-carat gold costs Rs 48,140 and Rs 48,540 in Jaipur and Madurai, respectively. The same amount of 24-carat purity costs Rs 52,520 in Jaipur and Rs 52,950 in Madurai.

Ten grams of 22-carat gold costs Rs 48,020 in Nashik and Vadodara. The same amount of 24-carat purity may be purchased and sold for Rs 52,380 in Nashik and Vadodara.