Gold price today, February 28: Range-bound movement in yellow metal on MCX; should you buy?

Gold price today, February 28: Gold price dipped on Tuesday to trade near Rs 55,000 on the Multi Commodity Exchange (MCX) as the precious metal headed for biggest monthly loss since June 2021 amid the Federal Reserve tapping the more hawkish tone than anticipated. 

On MCX, Gold April Futures were trading at Rs 55,362 per 10 grams, down Rs 114 or 0.21 per cent. Silver March Futures were also trading lower at Rs 63,660 per kg, down by 0.41 per cent.

"Gold prices extended its weakness for the fourth straight week as higher than expected US inflation numbers raised the prospects of Fed keeping rates elevated for longer period than anticipated. Further, in FOMC minutes most participants favored for rate to move higher and stay high until inflation dips towards the key target zone of 2 per cent," ICICIdirect said.

In the international market, Gold quoted at $1,814.10 per ounce while Silver was down by 0.52 per cent at $ 20.685 per ounce.

Trade call by IIFL Securities 

Gold April Contract

Buy- Rs 55,200 

Stop Loss- Rs 55,000 

Target- Rs 55,700

Silver 

Buy- Rs 62500 

Stop Loss- Rs 62,000 

Target- Rs 63,500

Meanwhile, the rupee was trading at 82.69 against the US dollar. The international oil benchmark Brent crude futures was up by 0.22 per cent to USD 82.22 per barrel.

Also Read: Income Tax: What are the 3 deductions under the new tax regime? 

Gold Price City-wise In India as of February 28, 2023, for 22k

Chennai - Rs 52,070 

Mumbai - Rs 51,450 

Delhi - Rs 51,600 

Kolkata - Rs 51,450 

Bangalore - Rs 51,500 

Hyderabad - Rs 51,450 

Kerala - Rs 51,450 

Pune - Rs 51,450 

Vadodara - Rs 51,500 

Ahmedabad - Rs 51,500 

Jaipur - Rs 51,600 

Lucknow - Rs 51,600 

Coimbatore - Rs 52,070 

Madurai - Rs 52,070 

Vijayawada - Rs 51,450 

Patna - Rs 51,500 

Nagpur - Rs 51,450 

Chandigarh - Rs 51,600 

Surat - Rs 51,500 

Bhubaneswar - Rs 51,450 

Mangalore - Rs 51,500 

Visakhapatnam - Rs 51,450 

Nashik - Rs 51,480

(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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