Gold price today: Yellow metal slips below Rs 56,000 on MCX - Check rates in Delhi, Mumbai and other cities

Gold price today: Gold price on Friday slipped below Rs 56,000-mark per 10 grams on the Multi Commodity Exchange (MCX). The precious metal is currently trading at four-week’s lows. Gold Futures contract for April 2023 traded at Rs 55,858 per 10 grams around 11:45 AM, down by more than Rs 350 or 0.66 per cent. Silver March Futures traded at Rs 65,020 per kg, down by 0.93 per cent.

Gold prices are under pressure for the past few days as the dollar index and treasury yields rallied amid better-than-expected US economic numbers. The US Producer Price Index figures increased to 0.7 per cent in the previous month against last reading of -0.2 per cent.

"The higher than expected US CPI and PPI numbers have increased the bets for higher interest rates," ICICI Securities said.

"The metal could face headwinds in the next few sessions as recent upbeat data from the US reinforced expectations that the Fed will need to keep pushing interest rates higher to curb high inflation," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

Further, subdued demand for the yellow metal in the domestic markets has led to a decline in India’s January gold imports by 76 per cent from a year earlier.

In the international market, the precious metal prices cracked below the support level of $1,830 per ounce. The precious metal quoted at $1,826.90 per ounce. Silver was down by 1.28 per cent to trade at $21.433 per ounce.

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Trade call by Tradebulls Securities

Gold 

Sell - Rs 56,000

Stop loss- Rs 56,150

Target- Rs 55,750

Meanwhile, Rupee was trading at 82.76 against the US dollar. The international oil benchmark Brent crude futures was up by 1.09 per cent to USD 84.20 per barrel.

Gold Price City-wise In India as of February 17, 2023, for 22k

Chennai - Rs 52,500 

Mumbai - Rs 51,800 

Delhi - Rs 51,950 

Kolkata - Rs 51,800 

Bangalore - Rs 51,850 

Hyderabad - Rs 51,800 

Kerala - Rs 51,800 

Pune - Rs 51,800 

Vadodara - Rs 51,850 

Ahmedabad - Rs 51,850 

Jaipur - Rs 51,950 

Lucknow - Rs 51,950 

Coimbatore - Rs 52,500 

Madurai - Rs 52,500 

Vijayawada - Rs 51,800 

Patna - Rs 51,850 

Nagpur - Rs 51,800 

Chandigarh - Rs 51,950 

Surat - Rs 51,850 

Bhubaneswar - Rs 51,800 

Mangalore - Rs 51,850 

Visakhapatnam - Rs 51,800

Nashik - Rs 51,830

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

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