Gold Price Today: Precious metal witnesses bounce back as dollar index softens – check prices in metro cities

Gold Price Today: The precious metal Tuesday bounced back on Tuesday marginally to gain by around a quarter percent or Rs 118 to 50873 per 10 grams in the early morning trade. The 22-carat gold price rose by Rs 100 to Rs 47,750/ 10 gms and 24-carat gold up by Rs 100 to Rs 52,080 /10 gms.  

Gold prices edged up on Tuesday as the dollar eased, while investors kept a keen eye on posturing from major central banks on interest rate hikes for a clearer outlook for bullion, Reuters reported. A weaker dollar makes greenback-priced bullion more attractive for buyers holding other currencies.  

Spot gold was up 0.2% at $1,841.13 per ounce by 0200 GMT, after largely range-bound trading on Monday. US gold futures firmed 0.1% to $1,842.90. However, benchmark U.S. 10-year Treasury yields rose, capping gains in zero-yielding gold.  

Gold prices on Monday declined by Rs 242 to Rs 50,735 per 10 grams amid rupee appreciation, according to HDFC Securities. In the previous trade, the yellow metal settled at Rs 50,977 per 10 grams. Silver also tumbled by Rs 770 to Rs 60,460 per kg from Rs 61,230 per kg in the previous trade. 

The (gold) market is sitting tight as, after a historic week for global central banks; policymakers will get to explain the reasoning behind their decisions this week," said Stephen Innes, managing partner at SPI Asset Management told Reuters.

Although bullion is often seen as an inflation hedge, higher interest rates and bond yields increase the opportunity cost of holding gold, which yields nothing. 

Here are the indicative price of 22 Carat Gold Today, 21 June 2022 (except GST, TCS, and other levies)

Chennai : Rs 47,850

Mumbai : Rs 47,750

Delhi : Rs 47,780

Kolkata : Rs 47,780

Bangalore : Rs 47,780

Hyderabad : Rs 47,550

Kerala : Rs 47,750

Ahmedabad : Rs 47,760

Jaipur : Rs 47,900

Lucknow : Rs 47,900

Patna : Rs 47,800

Chandigarh : Rs 47,900

Bhubaneswar : Rs 47,780