Gold price for delivery of June 4 rose as much as 0.3 percent to hit an intraday (today gold price)  high of  47,151 per gram on the Multi Commodity Exchange. In the spot market, fine gold with (999) purity was sold at  46,750 per 10 gram, according to India Bullion & Jewellers Association (IBJA). 


Gold with 22 carat purity was retailed at ₹ 45,160 per 10 gram, 18 carat gold was sold at ₹ 37,400 per 10 gram and gold with purity of 14 carat was priced at ₹ 31,090 per 10 gram. The spot rates mentioned (today gold price)  above are exclusive of 3 percent goods and services tax and making charges, IBJA noted on its website.

Overnight, gold prices were mostly unchanged on Wednesday as the possibility of (today gold price)   higher US interest rates supported the dollar, while palladium held near record highs hit in the previous session amid supply worries.

"The dollar index bounced back last week and has generally risen this week. That's kind of providing some downward pressure on gold prices," said Fawad Razaqzada, analyst with ThinkMarkets.

"Treasury Secretary Janet Yellen clearly said that rates need to go up higher at some point of time. The key question is how fast they will rise as the Federal Reserve has remained quite dovish."

Back home, silver prices also rose in-line with gold as silver futures contracts for delivery on July 5, 2021 rose as much as 0.45 percent to hit an intraday high of ₹ 69,926 per 1 kilogram.