Gold Price Today: Yellow metal inches lower amid fears of interest rate hikes by Fed – check gold price in your city

Gold Price Today: After the U.S. Federal Reserve chief doubled down on the central bank`s fight against inflation, the price of yellow metal inched lower on Thursday due to pressure from predictions of aggressive interest rate hikes. The gold August futures were trading Rs 134 or 0.3 percent up at Rs 50,770 per 10 grams on Multi Commodity Exchange (MCX).

Spot gold dropped 0.2% at $1,832.91 per ounce by 0239 GMT, whereas spot silver dipped 0.5% to $21.28 per ounce. The U.S. gold futures fell 0.2% to $1,834.30.

According to PTI, "With (Fed Chair Jerome) Powell pointing out overnight that 1% rises were a real possibility, it`s a reminder of that constant pressure on gold prices from rising interest rates," said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.

The price of 22 carat of gold fell by Rs 200 to Rs 47,450 per 10 grams. Whereas the price of 24 carat of gold was trading higher by Rs 100. The price stood at Rs 51,760.

The previous close of 22 carat of gold is Rs 47,650 whereas the previous close of 24 carat of gold is Rs 51,980.

"Gold is expected to follow the commodity complex down. It is more likely for gold to trade below $1,800/oz in the next two weeks than not," said PTI citing Michael Langford, director at corporate advisory AirGuide.

Here are the indicative price of 22 Carat Gold Today, 23 June 2022 (except GST, TCS, and other levies)

Chennai : Rs 47,550

Mumbai : Rs 47,450

Delhi : Rs 47,450

Kolkata : Rs 47,450

Bangalore : Rs 47,450

Hyderabad : Rs 47,450

Kerala : Rs 47,450

Ahmedabad : Rs 47,500

Jaipur : Rs 47,600

Lucknow : Rs 47,600

Patna : Rs 47,480

Chandigarh : Rs 47,600

Bhubaneswar : Rs 47,450

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.