Tuesday Jul 05, 2022

Gold rate today: Yellow metal heads for monthly losses despite gains

NEW DELHI: Gold prices rose on Friday as economic data from the US increased the appeal of the yellow metal. However, gains were capped by a firm dollar.

The American economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday. Meanwhile, US dollar traded at two-decade highs.

Despite today’s gains, safe-haven bullion was headed to log its biggest monthly drop since September amid bets on aggressive interest rate hikes by the Federal Reserve.

Gold futures on MCX advanced 0.51 per cent or Rs 260 to Rs 51,522 per 10 grams. However, silver futures were trading up by 0.33 per cent or Rs 260 at Rs 64,790 per kg.

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