Gold prices fell on Wednesday as increased US Treasury rates impacted mood and investors awaited the Federal Reserve’s monetary policy decision.

Also Read| LIC IPO live updates: Largest public issue opens for subscription

While gold is seen as an inflation hedge, rising short-term US interest rates and bond yields tend to raise the opportunity cost of owning non-yielding bullion.

Also Read| Sensex dips 27 points while Nifty around 17,070 in early trade

Gold prices on the Multi Commodity Exchange (MCX) decreased marginally on Wednesday, May 4, 2022. Gold futures were trading at Rs 50,631.00 per 10 gm, down 177 points or 0.35%, in the Indian market. Silver futures were trading at Rs 62,682.00 per kg, down 367 points or 0.58%.

Also Read| US Stock Market: DJIA, S&P500, Nasdaq and Russell ended in green on Tuesday

In global markets, gold was priced at $1,864.25 per oz while Silver is priced at $22.53. Platinum was trading at $967.20 while palladium was trading at $2,263.69. 

Also Read| Fuel price today: Petrol and Diesel rates remain unchanged on May 4, 2022

In the spot market, the 22-carat gold was sold at Rs 50,100 per 10 grams while silver was priced at Rs 62,950 per kg on Monday according to the Indian Bullion and Jewellers Association.  

Also Read| Stocks that should be on your watchlist on Wednesday, May 4, 2022

Copper futures were trading at Rs 762.70 down 0.12% while Natural Gas and Aluminium futures were trading at Rs 603.20 and Rs 241.50 per Kg respectively on MCX. 

Also Read| Trending Stocks: Tata Steel, AGEL, Adani Wilmar, Titan and others in news today

The ten grams of 22-carat gold in Mumbai, New Delhi and Kolkata, are being sold at Rs 47,200, according to the Goodreturns website. Whereas in Chennai, the same quantity of the precious yellow metal is being sold at Rs 48,160.

Also Read| AGEL gets nod for Rs 3,850 crore investment by Green Energy Investment Holding RSC

The 24-carat gold rates, 10 grams of it in New Delhi, Kolkata and Mumbai are being vented at Rs 51,510. The same amount of 24-carat purity is being procured in Chennai for Rs 52,540.

Also Read| Electricity giant NTPC rushes back to coal as India’s energy crisis worsens

In Pune and Coimbatore, 10 grams of 22-carat gold is being retailed at Rs 47,280 and Rs 48,160 respectively. The same quantity of 24-carat purity is valued at Rs 51,590 in Pune and Rs 52,540 in Coimbatore.

Also Read| Tata Steel Q4 results: Net profit jumps 37% YoY to Rs 9,835 crore

In Kerala, Hyderabad, and Bengaluru, 10 grams of 22-carat gold stands at Rs 47,200. In Mangalore, Visakhapatnam, and Bhubaneswar, the same amount of 22-carat purity is also being obtained at Rs 47,200. However, 10 grams of 24-carat gold is valued at Rs 51,510 in all the above areas.

Also Read| FabIndia, Syrma SGS, 5 others get SEBI approval to float IPOs

In Patna and Jaipur, 10 grams of 22-carat gold is being traded at Rs 47,280 and Rs 47,350 respectively. The same quantity of 24-carat purity is priced at Rs 51,590 in Patna and Rs 51,660 in Jaipur.

Also Read| Adani Wilmar acquires rice brand Kohinoor to strengthen market position

In Nashik and Chandigarh, 10 grams of 22-carat gold is being procured at Rs 47,280, and Rs 47,350, today. The same quantity of 24-carat purity is being purchased at Rs 51,590 in Nashik and Rs 51,660 in Chandigarh.