Gold price today, March 6: Yellow metal gains on MCX ahead of Jerome Powell's testimony, February jobs data - Check rates in Delhi, Mumbai and other cities

Gold price today: Gold and Silver Futures were trading positive on Multi Commodity Exchange (MCX) today amid positive global cues and strengthening on Rupee against US dollar. 

Gold Futures contract for April quoted at Rs 55,860 per 10 grams, up by Rs 139 or 0.25 per cent, on MCX around 12:30 PM. Likewise, Silver Futures contract for May traded at Rs 64,668 per kg, up by Rs 67 or 0.41 per cent around this time.

Kishore Narne, director and head of commodities and currency, Motilal Oswal, said that Gold is witnessing a temporary pull back as the interest rate cycle hasn’t turned around. 

Praveen Singh, AVP, fundamental currencies and commodities analyst at Sharekhan by BNP Paribas, said that Gold is expected to consolidate ahead of Federal Reserve Chair Jeremo Powell's testimony tomorrow and the February employment data.
 
"This week is a crucial week for the markets as we have got US non-farm payroll job report on the cards. ADP data, a precursor of the NFP job report, will be released Wednesday," he said.

"Overall, Gold rally is vulnerable as the US data remain strong amid inflationary expectations firming up," he said.

In the international market, Gold quoted at $1,853.20 per ounce while Silver was up by 0.40 per cent at $21.343per ounce. Praveen Singh said that support is at $1850/$1830 and resistance is at $1862/$1875.

Trade call by Motilal Oswal

Gold April Contract 

Buy- Rs 55,770 

Stop Loss- Rs 55,600 

Target- Rs 56,150

Silver May Contract

Buy- Rs 64,600 

Stop Loss- Rs 64,200 

Target- Rs 65,300

Meanwhile, the rupee was trading at 81.648 against the US dollar. The international oil benchmark Brent crude futures was down by 0.79 per cent to $85.15 per barrel.

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

Gold Price City-wise In India as of March 6, 2023, for 22k

Chennai - Rs 52,500 

Mumbai - Rs 51,850  

Delhi - Rs 51,950 

Kolkata - Rs 51,850 

Bangalore - Rs 51,900 

Hyderabad - Rs 51,850 

Kerala - Rs 51,850 

Pune - Rs 51,850 

Vadodara - Rs 51,900 

Ahmedabad - Rs 51,900 

Jaipur - Rs 51,950 

Lucknow - Rs 51,950 

Coimbatore - Rs 52,500

Madurai - Rs 52,500 

Vijayawada - Rs 51,850 

Patna - Rs 51,900 

Nagpur - Rs 51,850 

Chandigarh - Rs 51,950 

Surat - Rs 51,900

Bhubaneswar - Rs 51,850 

Mangalore - Rs 51,900 

Visakhapatnam - Rs 51,850 

Nashik - Rs 51,880

(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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