Gold price down Rs 8,000 from Record high amid Omicron fear: Check today rate in you city

Gold price struggled in Indian markets despite fears over Omicron covid variant down Rs 8,000 from record high. On MCX, gold futures were down 0.2% to Rs 47,791 per 10 gram, down about Rs 8,000 from last year’s record high of Rs 56,000 levels. Silver futures struggled at Rs 61,296 per kg.

In global markets, gold price slipped, hurt by a firmer dollar but concerns over new Omicron coronavirus variant capped losses. Spot gold fell 0.1% to $1,780.36 while spot silver rose 0.3% to $22.37 an ounce.  The dollar index held firm as Fed Chair Jerome Powell reiterated that he and fellow policymakers will consider a faster wind-down to the Fed’s bond-buying programme.

A move widely seen as opening the door to earlier interest rates hikes. A stronger greenback increased gold price to buyers holding other currencies. On the higher hand, reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of non-interest-bearing gold.

Spot gold price 0.1 per cent to $1,780.36 per ounce by 0050 GMT. U.S. gold futures GCv1 dropped 0.1 per cent to $1,782.50. Spot silver rose 0.3 per cent to $22.37 an ounce. Platinum gained 0.2 per cent to $935.48, while palladium increased 0.4 per cent to $1,753.68.

Standard Gold price (22 K) 8 grams today rate

AHMEDABAD–Rs 36,592              

ALLAHABAD–Rs 36,952 

AMRITSAR–Rs 36,952                  

BANGALORE—Rs 36,920

CHENNI—Rs 37,696

CUTTACK–Rs 37,080      

HYDERABAD–Rs 35,904

KOCHI–Rs 35,680            

KOLKATA—Rs 37,080     

MANGALORE–Rs 36,920              

MUMBAI–Rs 36,616

MYSORE–Rs 36,920        

NEW DELHI–Rs 36,952

PUNE–Rs 36,616.

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