Gold price in India edged higher on Wednesday. On the Multi-Commodity Exchange (MCX), gold price future jumped 0.10 per cent to Rs 50,507 for 10 grams at 0940 hours on July 13. Silver price, however, dropped on Wednesday. The precious metal future declined 0.12 per cent to Rs 56,398 for a kilogram.
In the international market, gold price remained flat on Wednesday ahead of the US inflation data. Spot gold was steady at $1,725.83 per ounce at 0543 GMT. It dropped to its lowest since late-September at $1,722.30 earlier in the session. US gold futures fall 0.2 per cent to $1,722.00.
The dollar remained near 20-year highs on Wednesday. Rising dollar makes safe-haven metal expensive for other currency-holders. Benchmark US 10-year Treasury yields also climbed, making bullion less appealing for buyers.
Investors cautiously wait for the US Consumer Price Index numbers of June for cues on the road ahead. Analysts believed that the United States Federal Reserve may go for aggressive rates hikes to contain surging inflation in the country.
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