Gold Prices Today: Fed RBI#39;s interest rate hike to pull yellow metal lower, sell on rise

Gold Prices Today: Fed RBI#39;s interest rate hike to pull yellow metal lower, sell on rise

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Gold prices climbed on Thursday in the international markets as the Federal Reserve expectedly raised interest rates by 50 basis points to tackle inflation, which the US central bank highlighted as a risk to the economy while also ruling out larger hikes for the year.

Spot gold was up 0.9 percent at $1,898.06 per ounce, as of 0102 GMT, after rising 1 percent earlier in the session. US gold futures rose 1.4 percent to $1,894.20.

At 9:32 AM, gold contracts were up 1.25 percent at Rs 51,241 for 10 grams on the Multi-Commodity Exchange (MCX), while silver spiked 2.83 percent at Rs 63,873 a kilogram.

Gold and silver prices ended on a positive note in the international markets. Gold June futures contract settled at $1,881, up by 0.30 percent and silver July futures contract ended at $22.99, up by 1.71 percent. However, the bullions ended negative in the domestic market. Gold futures contract settled at Rs50,562 per 10 grams with a loss of 0.48 percent and silver futures contract settled at Rs62,080 per kilogram with a loss of 1.54 percent. The outcome of US Fed meet dragged the US dollar index below the round level support of $103.00 strongly, but gold and silver prices jumped after