Gold, Silver prices today: Yellow metal drops on MCX after Fed’s rate hike, Silver falls over Rs 1000 - check rates in Delhi, Mumbai and other cities

Gold rate today: Gold prices dropped by Rs 400 in the afternoon session on Thursday on MCX after an aggressive rate hike from the Federal Reserve. Silver also traded lower, tanking more than Rs 1000 per kg on the MCX following the rate hike which dented the bullion marker. 

The Fed on Wednesday hiked interest rates by 75 basis points. Chairman Jerome Powell hinted at slowdown in rate hikes but said that made clear that the Fed isn’t even close to declaring victory in its fight to curb an inflation rate that is near four-decade highs and has shown few signs of ebbing.

On MCX, December Gold Futures was quoting at Rs 50,205 per 10 grams, down marginally by Rs 401 or 0.79 per cent. Silver tumbled by Rs 1113 to Rs 57,677 per kg.
On the international market, Gold was quoting at USD 1,628.20 per ounce while silver traded flat by 2.28 per cent which is at USD 19.160 per ounce.
 
Trade call by Motilal Oswal
Gold Dec contract
Sell: Rs 50,550
Stop Loss: Rs 50,700
Price Target: Rs 50,150
 
Silver Dec Contract
Sell: Rs 58,700
Stop Loss: Rs 59,300
Price Target: Rs 57,700

Meanwhile, the rupee opened 10 paise fall at 82.8625 against the US dollar in the morning trade. The international oil benchmark Brent crude futures fell by 0.72 per cent to USD 95.48 per barrel.
 
Gold Price City-wise In India as of Nov 3, 2022, for 22k

Chennai - Rs 47,150
Mumbai - Rs 46,700
Delhi - Rs 46,850
Kolkata - Rs 46,700
Bangalore - Rs 46,750
Hyderabad - Rs 46,700
Kerala - Rs 46,700
Pune - Rs 46,730
Vadodara - Rs 46,730  
Ahmedabad - Rs 46,750
Lucknow - Rs 46,850
Coimbatore - Rs 47,150
Patna - Rs 46,730
Nagpur - Rs 46,730
Chandigarh - Rs 46,850
Surat - Rs 46,750
Bhubaneswar - Rs 46,700
Mangalore - Rs 46,750
Visakhapatnam - Rs 46,700
Nashik - Rs 46,730
Mysore - Rs 46,750

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

Click here for more Stock Market update I Zee Business live