Gold price today, March 9: Yellow metal, Silver buckle under pressure as $ hits 3-month high on hawkish outlook

Gold price today: Gold and Silver remained under pressure on the Multi Commodity Exchange today as US dollar hit a three-month month high against a basket of currencies after Federal Reserve Chair Jerome Powell's hawkish testimony before the US Congress and better-than-expected private job data in America.

Gold April Futures quoted at Rs 54,820 per 10 grams on MCX, down by more than 0.10per cent while Silver May Futures traded lower by 0.25 per cent at Rs 61,661 per kg.

In the international market, Gold quoted at $1,814.00 per ounce while Silver was down by 0.26 per cent at $20.098 per ounce.

Praveen Singh, AVP, fundamental currencies and commodities analyst at Sharekhan by BNP Paribas, said that Gold is under pressure after Powell's hawkish comment on rate hikes. Earlier this week, Powell said that if required, the Central Bank is prepared to shift to high interest rates. He added that ultimate rates are likely to go higher than previously anticipated.

His hawkish testimony revived the soft looking US Dollar, which weighed heavily on the commodities. The US Dollar Index is at 3-month high.

The US employment market is also strong as data showed that the private businesses in the US unexpectedly created 242,000 jobs in February 2023, well above an upwardly revised 119,000 in January and market forecasts of 200,000.

Singh said that Gold outlook remains bearish unless and until key US macroeconomic data start reflecting a weak US economy . Support is at $1800/$1785 while resistance is at $1830/$1850.

Trade call by Tradebulls Securities 

Gold April Contract

Sell- Rs 54,950 

Stop Loss 55150

Target- Rs 54,700 

Meanwhile, the rupee was trading at 81.86 against the US dollar. The international oil benchmark Brent crude futures stood at $82.34 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 9, 2023, for 22k

Chennai- Rs 51,550 

Mumbai - Rs 50,900 

Delhi - Rs 51,050 

Kolkata - Rs 50,900 

Bangalore - Rs 50,950 

Hyderabad - Rs 50,900 

Kerala - Rs 50,900 

Pune - Rs 50,900 

Vadodara - Rs 50,950 

Ahmedabad - Rs 50,950 

Jaipur - Rs 51,050 

Lucknow - Rs 51,050

Coimbatore - Rs 51,550 

Madurai - Rs 51,550 

Vijayawada - Rs 50,900 

Patna - Rs 50,950 

Nagpur - Rs 50,900 

Chandigarh - Rs 51,050

Surat - Rs 50,950 

Bhubaneswar - Rs 50,900

Mangalore - Rs 50,950 

Visakhapatnam - Rs 50,900 

Nashik - Rs 50,930

(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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