Gold Price Today: Yellow metal snaps 3-day shine on strong dollar index – Check prices in metro cities

Gold Price Today: The yellow metal on Wednesday opened in the red on strong dollar index with lower US Treasury yields lending support, as it struggled to break out of its range-bound trade. 

The 22-carat gold price remained unchanged at Rs 47,650 per 10 grams, while 24 carat gold price was also trading at Rs 51,980. 

Spot gold was up 0.1% at $1,821.57 per ounce by 0254 GMT. U.S. gold futures firmed 0.1% at $1,823.10. 

U.S. Federal Reserve policymakers promised further rapid interest-rate hikes to bring down high inflation on Tuesday, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn, according to Reuters report. 

Although gold is seen as an inflation hedge, higher short-term US interest rates and bond yields raise the opportunity cost of holding bullion, which yields no interest. 

The United States banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine. The move, however, is being seen as symbolic, as gold exports from Russia to the West have already dried up. 

Here are the indicative price of 22 Carat Gold/ 10 gms today (except GST, TCS, and other levies) 

Chennai : Rs 47,700 

Mumbai : Rs 47,650 

Delhi : Rs 47,650 

Kolkata : Rs 47,650 

Bangalore : Rs 47,650 

Hyderabad : Rs 47,650 

Kerala : Rs 47,650 

Ahmedabad : Rs 47,680 

Jaipur : Rs 47,800 

Lucknow : Rs 47,800 

Patna : Rs 47,680 

Chandigarh : Rs 47,800 

Bhubaneswar : Rs 47,650