Gold price today, March 13: Yellow metal gains on MCX as dollar slips - Check rates in Delhi, Mumbai and other cities

Gold price today: Gold price traded higher on Monday on Multi Commodity Exchange as the dollar index, which measures the US currency against six rivals, fell 0.528 per cent at 103.69, its lowest in nearly a month after data showed an increase in the US unemployment rate in February and mounting pressure on American banks.

Gold April Futures quoted at Rs 56,615 per 10 grams on MCX, up Rs 476 or 0.85 per cent. Likewise, Silver May Futures traded at Rs 63,660 per kg, up by Rs 770 or 1.22 per cent.

Praveen Singh, AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas, said that risk appetite has taken a huge hit amid mounting troubles at the US Banks and the US President proposing an increase in corporate tax from 21 per cent to 28 per cent along with an increase in tax on share buybacks.

He added safe haven appeal of treasuries has been revived; thus, yields have slumped, which is weighing on the US Dollar Index and supporting gold prices.

Amit Khare, AVP- Research Commodities, Ganganagar Commodity, said that the overall chart is negative and a downside movement can be seen in near future. 

In the international market, Gold hit 5-week high at $1,882.20 per ounce while Silver was up by 1.75 per cent at $20.865 per ounce.

The Silicon Valley Bank collapse led investors to speculate that the Fed would now hesitate to hike interest rates by a super-sized 50 basis points this month. Goldman Sachs has said it no longer expects the Fed to deliver a rate hike at its March 22 meeting. It had previously expected a 25 basis point hike.

Investor focus will now be on Tuesday's inflation data to gauge how hawkish the Fed is likely to be.

Meanwhile, the rupee was trading at 81.77 against the US dollar. The international oil benchmark Brent crude futures stood at $82.97 per barrel flat by 0.23 per cent.

Trade call by Tradebulls Securities

Gold April Contract

Buy- Rs 56,400 

Target- Rs 56,650 

Stop loss- Rs 56,250

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

Gold Price City-wise In India as of March 13, 2023, for 22k

Chennai - Rs 52,710 

Mumbai - Rs 52,160 

Delhi - Rs 52,310 

Kolkata - Rs 52,160 

Bangalore - Rs 52,210 

Hyderabad - Rs 52,160

Kerala - Rs 52,160 

Pune - Rs 52,160 

Vadodara - Rs 52,210 

Ahmedabad - Rs 52,210 

Jaipur - Rs 52,310 

Lucknow - Rs 52,310 

Coimbatore - Rs 52,710 

Madurai - Rs 52,710 

Vijayawada - Rs 52,160 

Patna - Rs 52,210 

Nagpur - Rs 52,160 

Chandigarh - Rs 52,310 

Surat - Rs 52,210 

Bhubaneswar - Rs 52,160 

Mangalore - Rs 52,210 

Visakhapatnam - Rs 52,160 

Nashik - Rs 52,190

(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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