Gold price today: Gold is trading on the lower side of the Multi Commodity Exchange (MCX) on Wednesday as the latest remark by the US Federal Reserve chairman Jerome Powell on rate hikes fueled a sell-off in commodity market.

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Gold April Futures slipped nearly 0.20 per cent to crack below Rs 55,000 per 10 grams. It quoted at Rs 54,930. Silver too was trading lower on MCX as May Futures quoted at Rs May futures were trading at Rs 61,710,down by nearly 0.60 per cent.

Manoj Kumar Jain of Prithvifinmart Commodity Research said that the rise in dollar index after Fed chair's remark on rate hike has triggered a sell-off. 

“I would recommend selling gold and silver as the dollar index has strengthened," he said.

In the international market, Gold was quoting at $1,812.10 per ounce while Silver was down by 0.69 per cent at $20.060 per ounce. He said that Gold can test $18000.

The US dollar has scaled multi-month highs against most other major currencies on Powell warned that interest rates might need to go up even faster and higher than expected to rein in stubborn inflation.

Higher rates benefit the dollar by improving its yield and as traders look for safety while global commodity and stock markets drop.

Trade call by IIFL Securities 

Gold April Contract

Sell- Rs 55,150 

Stop Loss- Rs 55,400 

Target- Rs 54,700

Silver May Contract

Buy- Rs 62,000

Stop Loss- Rs 62,750

Target- Rs 61,000

Meanwhile, the rupee was trading at 82.115 against the US dollar. The international oil benchmark Brent crude futures stood at $83.34 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 8, 2023, for 22k

Chennai -Rs 51,650 

Mumbai -Rs 51,000 

Delhi -Rs 51,150 

Kolkata -Rs 51,000

Bangalore -Rs 51,050 

Hyderabad -Rs 51,000

Kerala -Rs 51,000 

Pune -Rs 51,000 

Vadodara -Rs 51,050

Ahmedabad -Rs 51,050 

Jaipur -Rs 51,150 

Lucknow -Rs 51,150 

Coimbatore -Rs 51,650 

Madurai -Rs 51,650 

Vijayawada -Rs 51,000

Patna -Rs 51,050 

Nagpur -Rs 51,000

Chandigarh -Rs 51,150

Surat -Rs 51,050

Bhubaneswar -Rs 51,000 

Mangalore -Rs 51,050

Visakhapatnam -Rs 51,000 

Nashik -Rs 51,030

(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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