Gold Price Today: After a break in the dollar's rally alleviated pressure on bullion, gold prices edged up on Thursday from nine-month lows touched in the previous session. The analysts cautioned that the relief in the yellow metal was likely to be temporary.

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At 10.50 am, gold contracts were trading higher by 0.31 percent at Rs 50,657 for 10 grams while silver was also trading higher by 0.52% percent to Rs 57,022 a kilogram on the Multi-Commodity Exchange (MCX).

Spot gold firmed 0.3% to $1,744.19 per ounce by 0303 GMT, as the dollar dipped slightly from the 20-year highs reached on Wednesday, lending support to greenback-priced bullion. Whereas Spot silver rose 0.7% to $19.32 per ounce. The U.S. gold futures rose 0.3% to $1,741.80.

"With momentum pointing south, dip buyers are effectively trying to catch a falling knife," Matt Simpson, senior market analyst at City Index told Reuters.

"$1,721 and $1,700 are potential levels of support for bulls to consider taking a punt.. but until the dollar tops, it likely is a punt."

In the prior session, strength in the dollar pushed bullion down as much as 1.9% to its lowest level since Sept. 30 at $1,731.00.

"This decline has room to continue," Ilya Spivak, a currency strategist at DailyFX said, adding that if gold falls through support at $1,715 per ounce, it could head under the $1,700 figure to the vicinity of about $1,680.

Here are the indicative prices of 22 Carat Gold Today, 7 July 2022 (except GST, TCS, and other levies)

Chennai : Rs 46,720

Mumbai : Rs 46,850

Delhi : Rs 46,850

Kolkata : Rs 46,850

Bangalore : Rs 46,880

Hyderabad : Rs 46,850

Kerala : Rs 46,850

Ahmedabad : Rs 46,900

Jaipur : Rs 47,000

Lucknow : Rs 47,000

Patna : Rs 46,870

Chandigarh : Rs 47,000

Bhubaneswar : Rs 46,850

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)

(With inputs from Reuters)