Gold prices fell dramatically on Monday as a result of increased US treasury yields, which dampened demand for the yellow metal. The Federal Reserve is expected to hike interest rates significantly in order to limit growing inflation.
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The Federal Open Market Committee of the United States’ central bank is set to begin its two-day meeting on interest rates on May 3 and announce its decision the following day.
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On forecasts for rapid interest rate hikes by the Federal Reserve, however, the safe-haven bullion is set to have its worst monthly decrease since September.
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Gold prices on the Multi Commodity Exchange (MCX) decreased marginally on Monday, May 2, 2022. Gold futures were trading at Rs 51,082.00 per 10 gm, down 672 points or 1.3%, in the Indian market. Silver futures were trading at Rs 63,190.00 per kg, down 1159 points or 1.80%.
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In global markets, gold was priced at $1,886.50 per oz while Silver is priced at $22.66. Platinum was trading at $927.10 while palladium was trading at $2,255.90.
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In the spot market, the 22-carat gold was sold at Rs 50,810 per 10 grams while silver was priced at Rs 64,774 per kg on Friday according to the Indian Bullion and Jewellers Association.
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Copper futures were trading at Rs 767.10 down 2.01% while Natural Gas and Aluminium futures were trading at Rs 571.80 and Rs 245.70 per Kg respectively on MCX.
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In Mumbai, New Delhi and Kolkata, 10 grams of 22-carat gold is being sold at Rs 47,400, according to the Good Returns website. The same quantity of the valuable yellow metal is being purchased at Rs 48,550 in Chennai.
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The 24-carat gold rates, 10 grams of the much-in-demand metal is being traded at Rs 51,710 in New Delhi, Kolkata and Mumbai. In Chennai, the same amount of 24-carat purity is being bought and sold for Rs 52,970.
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In Lucknow and Madurai, 10 grams of 22-carat gold is being retailed at Rs 47,550 and Rs 48,550 respectively. The same quantity of 24-carat purity is valued at Rs 51,860 in Lucknow and Rs 52,970 in Madurai.
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In Kerala, Bengaluru and Hyderabad, 10 grams of 22-carat gold is priced at Rs 47,400. Similarly, in Bhubaneswar, Mysore and Vijayawada, the same amount of 22-carat purity is also being purchased at Rs 47,400. Moreover, 10 grams of 24-carat gold is being sold at Rs 51,710 in all the above areas.
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In Nagpur and Surat, 10 grams of 22-carat gold is being traded at Rs 47,480 and Rs 47,460 respectively. The same quantity of 24-carat purity is priced at Rs 51,790 in Nagpur and Rs 51,770 in Surat.
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In Jaipur and Chandigarh, 10 grams of 22-carat gold is being purchased at Rs 47,550, today. The same quantity of 24-carat purity is being bought and sold at Rs 51,860 in Jaipur and Chandigarh.
