Gold price today: Domestic futures of the yellow metal traded with mild gains on Monday, January 23, coming within Rs 100 of a record high scaled last week. Weakness in the dollar against six peers excluding the rupee, which makes gold more attractive for those holding currencies other than the greenback, and optimism about slower rate hikes in the world's largest economy — typically, gold eases when interest rates rise — supported the precious metal.  

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Analysts await a key GDP reading from the US due this week, amid fears of at least a mild recession, for cues.

On MCX, gold futures maturing on February 3 were quoting at Rs 56,751 per 10 grams at the last count. Last week, the contract scaled a record peak of Rs 56,850 per 10 grams. 

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Silver futures maturing on March 3 were up by Rs 545 at Rs 69,094 per kilogram on the bourse.

"We suggest buying gold on dips around Rs 56,440 with a stop loss at 56,250 for a target of Rs 56,900," Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, told Zeebiz.com. 

He sees support for gold at Rs 56,500-56,265 levels and resistance at Rs 56,800-56,980. For silver, Jain expects support at Rs 68,100-67,750 and resistance at Rs 69,000-69,660. 

Also Read: Inflow in gold ETFs drops 90% in 2022; asset base, investors account grow

In the international market, gold was up 0.3 per cent at $1,931.9 per ounce at the last count, and silver up 0.7 per cent at $24.1 per ounce.

Analysts weighed Philadelphia Fed President Patrick Harker and Dallas Fed President Lorie Logan's signal last week that they would support a slower pace of monetary policy tightening against recent comments from more hawkish Fed officials. 

Traders are mostly pricing in a 25-basis-point rate hike at the Fed’s Jan 31-Feb 1 meeting, according to Reuters. Last month, the US central bank slowed its pace of hikes in benchmark interest rates, with an increase of 50 bps, following four back-to-back raises of 75 basis points each earlier in 2022.

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Here's a look at 24k spot gold prices in some of the major Indian cities:

Delhi: Rs 57,210

Mumbai: Rs 57,060

Chennai: Rs 57,710

Kolkata: Rs 57,060

Bangalore: Rs 57,110

Hyderabad: Rs 57,060

Kerala: Rs 57,060

Pune: Rs 57,060

Vadodara: Rs 57,110

Ahmedabad: Rs 57,110

Lucknow: Rs 57,210

Vijayawada: Rs 57,060

Patna: Rs 57,110

Nagpur: Rs 57,060

Chandigarh: Rs 57,210

Surat: Rs 57,2100

Bhubaneswar: Rs 57,060

Visakhapatnam: Rs 57,060

Nashik: Rs 57,090

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)