Gold Price Today: Yellow metal slips as dollar gains after Fed Chair Jerome Powell doubles down on policy tightening – check gold price in your city

Gold Price Today: The yellow metal gave up initial gains and edged lower on Thursday as the dollar regained momentum. The price of gold dropped by Rs 310 on June 24, 2022. After U.S. Federal Reserve Chairman Jerome Powell doubled down on the central bank`s policy tightening aimed at taming inflation, the US dollar regained momentum.

Spot gold dropped 0.8% to $1,822.64 per ounce by 2:28 p.m.m ET (1828 GMT), whereas spot silver fell 2.2% to $20.92 per ounce. The U.S. gold futures settled down 0.5% to $1,829.8.

The dollar index started to rise again after Powell stated that the Fed's commitment to reducing inflation was "unconditional," which diminished the appeal of gold. A stronger dollar makes gold expensive for overseas buyers.

In India, the price of 22-carat of gold is Rs 46,580 per 10 grams as against its previous close of Rs 46,860. Whereas the price of 24-carat of gold is Rs 50,850 per 10 grams as against its previous close of Rs 51,160.

Gold is being pressured by the aggressive nature of the Fed`s tightening strategy, with the dollar gains also an impediment, said Jim Wyckoff, senior analyst at Kitco Metals.

The gold and silver markets were also being weighed down by expectations that the overall economic slowdown could also hamper demand for metals, although "gold`s safe haven status is limiting the downside", Wycoff added.

Here are the indicative price of 22 Carat Gold Today, 24 June 2022 (except GST, TCS, and other levies)

Chennai                          -   Rs 47,530
Mumbai                          -    Rs 47,450
Delhi                               -    Rs 47,500
Kolkata                           -    Rs 47,500
Bangalore                       -    Rs 47,500
Hyderabad                      -    Rs 47,450  
Kerala                             -    Rs 47,450
Ahmedabad                    -    Rs 47,480
Jaipur                              -    Rs 47,600
Lucknow                          -    Rs 47,600  
Patna                               -    Rs 47,520  
Chandigarh                      -    Rs 47,600
Bhubaneswar                  -    Rs 47,500
Pune                                -    Rs 47,520

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