Gold prices drop to almost one-year lows on July 21, 2022. Rates in India fall below ₹50,000.

Due to the recent increase in import taxes on the yellow metal, the decline in gold prices in India has been less pronounced.

Gold futures on MCX NSE 1.41 % were trading lower by about 0.49 per cent or Rs 248 at Rs 49,977 per 10 grams. Silver futures plunged by 0.89 per cent or Rs 496 at Rs 55,123 per kg.

Gold Rate Today, Gold Price in India on 19 July 2022: Gold prices in India were trading lower on Tuesday, as yellow metal subdued globally on strength in the US Dollar.

The European Central Bank is set to raise interest rates for the first time in 11 years on 19 July 2022, with a bigger-than-expected move seen as increasingly likely as policymakers fear losing control of runaway consumer price growth.

In India, the fall has been less steep due to the recent import duty hike on the yellow metal. MCX gold futures were down 0.5% to ₹49,958 per 10 gram, the lowest since February, while silver fell 0.88% to ₹55130 per kg.

Gold stalled near $1700/oz level for last few days despite weakness in US dollar which showed lack of confidence that US currency may weaken significantly.

Although gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding bullion, which pays no interest. Market participants are also keeping a close watch on the resumption of gas flow along the biggest pipeline from Russia to Germany.

Although gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding bullion, which pays no interest. Market participants are also keeping a close watch on the resumption of gas flow along the biggest pipeline from Russia to Germany.

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