Gold Price Today: Yellow metal firm as dollar rally pauses; check gold rate in your city

Gold Price Today: After a break in the dollar's rally alleviated pressure on bullion, gold prices edged up on Thursday from nine-month lows touched in the previous session. The analysts cautioned that the relief in the yellow metal was likely to be temporary.

At 10.50 am, gold contracts were trading higher by 0.31 percent at Rs 50,657 for 10 grams while silver was also trading higher by 0.52% percent to Rs 57,022 a kilogram on the Multi-Commodity Exchange (MCX).

Spot gold firmed 0.3% to $1,744.19 per ounce by 0303 GMT, as the dollar dipped slightly from the 20-year highs reached on Wednesday, lending support to greenback-priced bullion. Whereas Spot silver rose 0.7% to $19.32 per ounce. The U.S. gold futures rose 0.3% to $1,741.80.

"With momentum pointing south, dip buyers are effectively trying to catch a falling knife," Matt Simpson, senior market analyst at City Index told Reuters.

"$1,721 and $1,700 are potential levels of support for bulls to consider taking a punt.. but until the dollar tops, it likely is a punt."

In the prior session, strength in the dollar pushed bullion down as much as 1.9% to its lowest level since Sept. 30 at $1,731.00.

"This decline has room to continue," Ilya Spivak, a currency strategist at DailyFX said, adding that if gold falls through support at $1,715 per ounce, it could head under the $1,700 figure to the vicinity of about $1,680.

Here are the indicative prices of 22 Carat Gold Today, 7 July 2022 (except GST, TCS, and other levies)

Chennai : Rs 46,720

Mumbai : Rs 46,850

Delhi : Rs 46,850

Kolkata : Rs 46,850

Bangalore : Rs 46,880

Hyderabad : Rs 46,850

Kerala : Rs 46,850

Ahmedabad : Rs 46,900

Jaipur : Rs 47,000

Lucknow : Rs 47,000

Patna : Rs 46,870

Chandigarh : Rs 47,000

Bhubaneswar : Rs 46,850

(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)