Gold price today, February 20: Yellow metal flat on MCX on rising $, Fed rate hike worries

Gold price today: Gold and silver traded flat on Multi Commodity Exchange (MCX) on Monday on rising US dollar and rate hike worries by the Fed. Gold Futures contract for April traded at Rs 56,315 per 10 grams, up 0.10 per cent, on the MCX while Silver Futures March contract quoted at Rs 65, 733 per kg.

In international market, the yellow metal traded flat at $1,843 per ounce while Silver at $21.76 per ounce.

Kishore Narne, director and head of commodities and currency, Motilal Oswal, said that there is a slight rise in Gold prices due dollar strengthening. He suggested investors to be cautious as range-bound market is anticipated.

Trade call by IIFL Securities

Gold April Contract

Buy - Rs 56,000

Stop loss- Rs 55,750

Target- Rs 56,450

Silver March Contract

Buy- Rs 65,000

Stop Loss- Rs 64,500

Target- Rs 66,100

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Meanwhile, the rupee was trading at 82.69 against the US dollar.

A JM Financial Research report noted that Gold imports have plunged 71 per cent to its lowest level (USD 697mn) in last 20 months. This fall was in absence of any government intervention to curb gold imports. Price effect would have played a role in lower demand for gold as gold prices rose 4.5 per cent during January.

Gold Price City-wise In India as of February 20, 2023, for 22k

Chennai- Rs 52,800

Mumbai - Rs  52,100

Delhi - Rs  52,250

Kolkata - Rs  52,100

Bangalore - Rs  52,150

Hyderabad - Rs  52,100

Kerala - Rs  52,100

Pune - Rs  52,100

Vadodara - Rs  52,150

Ahmedabad - Rs  52,150

Jaipur - Rs  52,250

Lucknow - Rs  52,250

Coimbatore - Rs  52,800

Madurai - Rs  52,800

Vijayawada - Rs  52,100

Patna - Rs  52,150

Nagpur - Rs  52,100

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

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