Gold Rate Today: Yellow metal inches higher on MCX; silver nears Rs 58,000 | Check gold rate in your city

Gold Rate Today: The yellow metal price edged higher on Friday but was set for a fourth consecutive monthly decline. This is because the gold is pressured by strong performances in the greenback and U.S. bond yields as well as aggressive monetary policies from top central banks.

On the Multi-Commodity Exchange (MCX), gold contracts were trading higher by 0.13 percent at Rs 51,370 for 10 grams while silver was also trading higher by 1.03% percent to Rs 58,214 a kilogram at 12:30 pm on Friday.

Spot gold inched up 0.2% to $1,758.94 per ounce, as of 0337 GMT. Whereas spot silver firmed 0.3% to $20.04 per ounce. The U.S. gold futures rose 0.3% to $1,775.10.

With prices up 1.9 percent so far, the metal is poised for its highest week since the middle of May. Bullion, however, is unlikely to halt its worst stretch of monthly losses since November 2020, as per Reuters' report.

In an effort to combat rising inflation, the U.S. Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday.

According to Reuters, "Although bullion saw a sell-off below $1,700 (earlier this month) it is significant that long-term support at $1,675/80 was tested and held. Gold has been trying to form a bottom since," helped by recent signs of a U.S. recession, OANDA senior analyst Jeffrey Halley said.

Here are the indicative prices of 22 Carat Gold Today, July 29, 2022 (except GST, TCS, and other levies)

Chennai: Rs 47,670

Mumbai: Rs 47,100

Delhi: Rs 47,250

Kolkata: Rs 47,100

Bangalore: Rs 47,150

Hyderabad: Rs 47,100

Kerala: Rs 47,100

Ahmedabad: Rs 47,150

Jaipur: Rs 47,250

Lucknow: Rs 47,250

Patna: Rs 47,130

Chandigarh: Rs 47,250

Bhubaneswar: Rs 47,100

(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)