The gold price was flat today after the US dollar rose

On Wednesday, domestic gold prices traded flat amid mixed trends in domestic equities and weak global cues.

The August gold contract on the MCX was trading at Rs 16, 0.03 per cent lower at Rs 51,366 per 10 gram.

Silver August futures were trading at Rs 104, down 0.2% at Rs 57,482 per kg.

Globally, yellow metal prices fell as the dollar strengthened and bond yields advanced after Federal Reserve officials hinted at a continuation of aggressive interest rate hikes in the near term.

HDFC Securities reported a decline in gold prices in the national capital of Rs 208 to Rs 51,974 per 10 grams. Previous trades had closed at Rs 52,182 per 10 grams for yellow metal. The price of silver also dropped by Rs 1,060 per kilogram from Rs 58,973 per kilogram in the previous trade to Rs 57,913.

OPEC’s meeting is scheduled for later today, so global oil benchmarks fell.

It was a red day for the domestic equity benchmarks BSE Sensex and NSE Nifty50 on Wednesday. In relation to the US dollar, the rupee is worth Rs 79.4. Greenback strength against six peers was measured by the dollar Index, which rose 0.3 percent to 106.4.