Gold Price Today (February 8): Yellow metal gains as US dollar retreats on Powell's less-hawkish stance - Check rate in Delhi, Mumbai and other cities

Gold Price Today February 8: Gold prices edged higher on Wednesday, February 8, as the dollar pulled back from a one-month peak after comments from US Federal Reserve Chairman Jerome Powell were seen as less hawkish than expected. 

Spot gold was up 0.4% at $1,880.97 per ounce, as of 0744 GMT, as per a Reuters report. While spot silver rose 1.1% to $22.43 per ounce.

US gold futures also rose 0.4% at $1,880.10.

The US Fed may continue to raise rates or maintain present rates to tackle inflation but probably in a less aggressive way, said Reuters citing Hareesh V, head of commodity research at Geojit Financial Services.

Gold Silver Price On MCX

On Multi Commodity Exchange of India Limited (MCX), Gold April Futures were up by 0.21 percent to Rs 57,380 per 10 grams in the afternoon trade of February 8. Likewise, Silver March futures on MCX were up by 0.44 percent to Rs 67,827 per kg.

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Gold Price City-wise In India as of February 8, 2022, for 24k:

Chennai- Rs 58,720

Mumbai- Rs 57,550

Delhi- Rs 57,700

Kolkata- Rs 57,550

Bangalore- Rs 57,600

Hyderabad- Rs 57,550

Kerala- Rs 57,550

Pune- Rs 57,550

Vadodara- Rs 57,600

Ahmedabad- Rs 57,600

Lucknow- Rs 57,700

Vijayawada- Rs 57,550

Patna- Rs 57,600

Nagpur- Rs 57,550

Chandigarh- Rs 57,700

Surat- Rs 57,600

Bhubaneswar- Rs 57,550

Visakhapatnam- Rs 57,550

Nashik- Rs 57,580

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

The dollar remained under pressure on Wednesday and was last down 0.2%, making greenback-priced gold a more attractive bet for buyers holding other currencies, said Reuters.

(With Reuters inputs)

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