Gold price today: Yellow metal hits record high, above Rs 56,200 - check rates in Delhi, Mumbai, Kolkata, Chennai and other cities

Gold price on Friday hit a record high, surpassing the previous record of Rs 56,191 hit in August 2020. The price of the yellow metal rose by Rs 121 to Rs 56,236 per 10 grams in the national capital amid strong global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 56,115 per 10 grams.

On the multi-commodity exchange, Gold February futures quoted Rs 56,140 per 10 gram around 3 PM, up by nearly 0.50 per cent.

Silver, however, declined Rs 145 to Rs 68,729 per kg.

In the overseas market, gold was trading in green at USD 1,898 per ounce while silver was flat at USD 23.73 per ounce.

"Gold prices edged higher and were on track for a fourth weekly gain, supported by a weaker dollar and expectations of slower interest rate hikes by the US Fed Reserve," said Navneet Damani, Senior VP, Commodity Research at Motilal Oswal Financial Services.

According to data released by the Bureau of Labor Statistics on Thursday, US consumer prices declined to 6.5 per cent in December, giving hope that inflation will soften going forward and the Fed will also take a softer approach on rate hikes. It is believed that the regressive Fed rate hikes have helped the government to bring down inflation.

Gold price 22k, city wise as of January 13, 2023 

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