Gold price today, February 23: Yellow metal cracks below Rs 56,000 on MCX after Fed minutes indicate more rate hikes

Gold price today: Gold price traded in red on Thursday on Multi Commodity Exchange (MCX) amid the US dollar gaining ground and rising treasury yields a day after the Fed meeting minutes indicated more rate hikes by the US central bank to tame inflation.

Gold Futures for April contract declined by 0.30 per cent to crack below Rs 56,000 per 10 grams on MCX. It quoted at Rs 55,900 around noon. Silver Futures maturing in March also traded lower by 0.40 per cent at Rs 65,191 around the same time.

In the international market, spot Gold was down marginally at $1,823 per ounce.

ICICI Securities in a report said that Gold prices moved lower after FOMC meeting minutes as it showed that most policymakers agreed that the central bank should slow the pace of its interest rate increases, allowing them to increase borrowing cost to control inflation. The participants noted that upside risk to the inflation outlook remained a key factor shaping the policy outlook and the rate would need to move higher and stay elevated until inflation is clearly on a path to 2 per cent.

Meanwhile, the rupee was trading at 82.76 against the US dollar. The international oil benchmark Brent crude futures was up by 0.41 per cent to USD 82.93 per barrel.

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Trade call by Motilal Oswal

Gold April Contract

Sell- Rs 56,000

Stop Loss- Rs 56,200

Target- Rs 56,650

Silver March Contract

Sell- Rs 65,500

Stop Loss- Rs 66,100

Target- Rs 64,500

Gold Price City-wise In India as of February 23, 2023, for 22k

Chennai - Rs  52,450

Mumbai - Rs  51,800

Delhi - Rs  51,950

Kolkata - Rs  51,800

Bangalore - Rs  51,850

Hyderabad - Rs  51,800

Kerala - Rs  51,800

Pune - Rs  51,800

Vadodara - Rs  51,850

Ahmedabad - Rs  51,850

Jaipur - Rs  51,950

Lucknow - Rs  51,950

Coimbatore - Rs  52,450

Madurai - Rs  52,450

Vijayawada - Rs  51,800

Patna - Rs  51,850

Nagpur - Rs  51,800

Chandigarh - Rs  51,950

Surat - Rs  51,850

Bhubaneswar - Rs  51,800

Mangalore - Rs  51,850

Visakhapatnam - Rs  51,800

Nashik - Rs  51,830

(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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Also Read: 4 tips to repay your Credit Card debt faster