Gold prices top Rs 54,000 on MCX first time since mid-April - Buy call; check rates in Delhi, Mumbai, Kolkata, Patna and other cities

Gold price today: Gold prices on Monday, December 5, continued their uptrend to hit a five-month high. On MCX, gold futures (February) rose 0.36 per cent to breach the crucial resistance level of Rs 54,000 per 10 grams. This is the first time since in the past six months when the Gold price on MCX has topped Rs 54,000.

The buying in the precious metal was mainly buoyed by the appreciation in Rupee against US Dollar, weak dollar index and firm rates in global markets. The rupee appreciated 8 paise to 81.25 against the US dollar in early trade on Monday supported by a weak dollar in the overseas market.

Silver also extended gains as the metal jumped more than 1 per cent or Rs 900 to trade above Rs 67,000 per kg.

What is Capital Gains Tax? Types and Exemptions - Explained 

On the international market, Gold quoted $1,809.50 per ounce while Silver quoted 0.60 per cent lower at $23.578 per ounce.

IIF Securities

Buy Gold Feb Contract

Price Target: Rs 54,400

Stop Loss: Rs 53,600

Buy Silver March Contract

Price Target: Rs 67,800

Stop Loss: Rs 66,050

The recent correction in the dollar index has supported bullion prices. The dollar index slipped below to six-month low of USD 105 last week after Federal Reserve Chairman Jerome Powell said that that the US central bank could scale back the pace of its interest rate hikes. The Dollar dipped as the US 10-year yield tested the psychologically crucial level of 3.50 per cent.

The international oil benchmark Brent crude futures was up by 1.14 per cent to USD 86.48 per barrel.

Gold Price City-wise In India as of Dec 5, 2022, for 22k

Chennai - Rs 50,160 

Mumbai - Rs 49,450 

Delhi - Rs 49,600 

Kolkata - Rs 49,450 

Bangalore - Rs 49,500

Hyderabad - Rs 49,450 

Kerala - Rs 49,450

Pune - Rs 49,450

Vadodara - Rs 49,500

Ahmedabad - Rs 49,500

Jaipur - Rs 49,600

Lucknow - Rs 49,600 

Coimbatore - Rs 50,160  

Madurai - Rs 50,160

Vijayawada - Rs 49,450

Patna - Rs 49,480 

Nagpur - Rs 49,450

Chandigarh - Rs 49,600 

Surat - Rs 49,500

Bhubaneswar - Rs 49,450 

Mangalore - Rs 49,500 

Visakhapatnam - Rs 49,450

Nashik - Rs 49,480 

Mysore - Rs 49,500 

Gurgaon - Rs 49,600 

Ghaziabad - Rs 49,600

Amaravati - Rs 49,450 

Rajkot - Rs 49,500

Aurangabad - Rs 49,450

Solapur - Rs 49,450

Kolhapur - Rs 49,450

Latur - Rs 49,480

Tirupur - Rs 50,160

Tirunelveli - Rs 50,160

Trichy - Rs 50,160 

Amravati - Rs 49,450

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

Stock Market Today Live: Cues mixed for Sensex Nifty; SGX Nifty trades positive, Dow futures negative