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Gold prices today: Yellow metal rates slide first time in one week as dollar remains firm

Gold prices today: Yellow metal rates slide first time in one week as dollar remains firm

Gold prices today: Yellow metal rates slide first time in one week as dollar remains firm
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By CNBCTV18.com Nov 17, 2022 11:51:50 AM IST (Published)

Gold prices today, November 17: On Multi Commodity Exchange (MCX), yellow metal prices were down nearly 0.5 percent, declining by Rs 246 to touch the cost of Rs 52,816 per 10 grams.

Domestic gold prices slumped for the first time this week as dollar remained firm on Thursday after the market focus shifted from global tensions to the Federal Reserve's interest rate strategy.

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On Multi Commodity Exchange (MCX), yellow metal prices were down nearly 0.5 percent, declining by Rs 246 to touch the cost of Rs 52,816 per 10 grams. Meanwhile, Silver rates were down by nearly 1 percent to Rs 61400 per kg. Globally, Spot gold edged 0.3 percent lower to $1,773.13 per ounce by 2:08 pm ET (1908 GMT).
The gold and silver rates opened lower as dollar gained in the early trade. Around 11 am on Wednesday, US Dollar Index Futures - Dec 22 was up by nearly 0.2 percent at 106.350. With this, the rupee depreciated by 34 paise from its previous close to 81.64 vs US dollar on Thursday.
Crude oil prices also fell as concerns over geopolitical tensions eased and rising COVID-19 cases in China fueled demand worries. Brent crude futures were down 1.1 percent at $91.8 per barrel at the last count. WTI futures were also trading 1.3 percent lower at $84.4 per barrel.
Indian equity benchmarks BSE Sensex and NSE Nifty50 started the session lower on Thursday amid negative global cues.
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