Gold Price Today: Yellow metal dips as US inflation stokes rate hike fears by Fed; check gold rate in your city

Gold Price Today: The yellow metal was trading weak on Thursday. The gold slipped as investors worried that the U.S. Federal Reserve would raise interest rates more aggressively this month to combat skyrocketing inflation.

On the Multi Commodity Exchange (MCX), gold August futures were down by 0.37 percent at Rs 50,612 per 10 grams. Whereas Silver September futures were trading at Rs 56,772 per kg, down by 0.62 percent.

Spot gold fell 0.2% to $1,731.19 per ounce by 0312 GMT whereas silver fell 0.3% to $19.11 per ounce. The U.S. gold futures dropped 0.5% to $1,727.30.

The dollar steadied close to 20-year highs, hurting demand for greenback-priced gold among buyers holding other currencies.

Benchmark U.S. 10-year Treasury yields rose, weighing on appetite for zero-yield gold.

Data released overnight showed U.S. annual consumer prices jumped 9.1% in June, the sharpest spike in more than four decades.

"The CPI release generated volatility but not direction," said Ilya Spivak, a currency strategist at DailyFX, reasoning that markets now likely expected the Fed to front-load rates more, and not necessarily tighten more overall, but said gold still had a bearish outlook.

Here are the indicative prices of 22 Carat Gold Today, 14 July 2022 (except GST, TCS, and other levies)

Chennai : Rs 46,760

Mumbai : Rs 46,900

Delhi : Rs 46,900

Kolkata : Rs 46,900

Bangalore : Rs 46,950

Hyderabad : Rs 46,900

Kerala : Rs 46,900

Ahmedabad : Rs 46,930

Jaipur : Rs 47,050

Lucknow : Rs 47,050

Patna : Rs 46,970

Chandigarh : Rs 47,050

Bhubaneswar : Rs 46,900

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

(With inputs from Reuters)