Gold rate today: Yellow metal's prices decline; check the latest rates in your city on July 17

Gold rate today

Gold prices continued to drop on July 17. Gold's August contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 97,511 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on July 17:

Gold prices had seen significant volatility the previous day. "COMEX Gold futures experienced sharp volatility on Wednesday, surging from a day low of $3,326 to a high of $3,386 within just over an hour, as safe-haven demand spiked amid reports that President Trump was considering removing Federal Reserve Chair Jerome Powell. Trump reportedly floated the idea of firing Powell to a group of supportive Republican lawmakers. However, the President denied any such plans, saying it was "highly unlikely" he would dismiss Powell. This helped the U.S. dollar recover from 97.7 to close at 98.4, prompting gold to pull back from its highs and settle at $3,359 per ounce," said Kaynat Chainwala, AVP-Commodity Research, Kotak Securities.

"Also, U.S. Producer Price Index (PPI) data for June came in weaker than expected, rising just 2.3% year-over-year versus the forecasted 2.5%, reinforcing expectations for continued Fed policy easing. Today, gold edged lower to $3,343 per ounce, as traders turned cautious ahead of U.S. retail sales data, employment numbers, and speeches by several Fed officials. Meanwhile, concerns over political interference in the Fed and uncertainty regarding Fed Chair Powell’s tenure lingered, even as New York Fed President John Williams defended the central bank’s current restrictive stance, calling it 'entirely appropriate'," Kaynat Chainwala added.

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