Yellow Metal Slides On MCX

Gold prices on April 21, 2022: Yellow metal prices on Thursday fell by Rs 154 to Rs 52,474 per 10 grams on the multi commodity exchange (MCX).

In the international markets, spot gold was down 0.6 per cent to $1,944.85 per ounce by 1437 GMT, after hitting its lowest level since April 8. US gold futures shed 0.5 per cent to $1,946.10.

Gold slipped 1 per cent to a two-week low on Thursday pressured by elevated US Treasury yields and firmer risk appetite, with investors expecting aggressive policy tightening by the Federal Reserve.

San Francisco Fed President Mary Daly on Wednesday had said she believes the case for a half-percentage-point rate hike next month is "complete" and "solid," with the Fed's rate hike path this year broadly seen as appropriate in the face of high inflation.

While gold is considered a hedge against inflation, rising interest rates increase the opportunity cost of holding the non-yielding bullion.

Investors await policy updates from European Central Bank President Christine Lagarde and Fed Chair Jerome Powell at an International Monetary Fund panel later on Thursday.