Gold Price Today: Yellow metal subdued as investors await US inflation data – check rates in key metro cities
Gold Price Today: The yellow metal steadied near a more than nine-month low on Wednesday, as cautious investors awaited monthly US inflation data for cues on the road ahead for the Federal Reserve`s monetary policy.
The rates in Delhi, Chennai, Kolkata, and Mumbai have been stable. The 22-carat gold rates in Delhi 22-carat have remained at Rs. 46,800 per 10 grams and 24-carat gold at Rs. 51,054 per 10 grams. Similarly, in Chennai 22 carats is at Rs 46,700 per 10 gram and 24-carat is at Rs. 50,950 per 10 grams.
In Kolkata, 22 carats of gold at Rs. 46,800 per 10 grams, and 24 carats are at Rs. 51,054 per 10 grams. While in Mumbai, 22 carats is at Rs. 46,800 per 10 grams and 24 carats at Rs. 51,054 per 10 grams
The silver rates have been at Rs. 56,500 in Kolkata, Delhi, and Mumbai and the rate of silver in Chennai is at Rs. 62,500.
Although gold is seen as an inflation hedge, higher rates draw investors away from bullion, which bears no interest.
The dollar held near 20-year highs, continuing to make greenback-priced gold less attractive for buyers holding other currencies.
Benchmark U.S. 10-year Treasury yields rose, decreasing the appeal of non-yielding gold.
SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, said its holdings fell 0.17% to 1,021.53 tonnes on Tuesday from 1,023.27 tonnes on Monday.
Economists polled by Reuters expect the U.S. Labor Department`s June Consumer Price Index (CPI), due later in the day, to have accelerated on both a monthly and annual basis, by 1.1% and 8.8%, respectively.
Barring a major surprise, the CPI data could coalesce investors` expectations for a 75-basis-point interest rate hike by the Fed later this month, as the U.S. central bank seeks to rein in inflation.
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