Gold Price Today: Gold hits nine-month high, but eases off in early trade - Check current rates in Delhi, Mumbai and other cities

Gold Price Today: Gold prices hit a nine-month high on Monday, January 16, but eased off in early trade. The precious metal declined as the dollar recouped losses, although expectations of slower interest rate hikes from the U.S. Federal Reserve kept bullion’s positive outlook intact.

In the international market, Spot Gold dipped 0.2% to $1,916.26 per ounce, as of 0754 GMT. Earlier in the session, prices hit $1,929 per ounce, a peak since late April. Whereas Spot Silver edged 0.1% higher to $24.28, after hitting a near two-week peak.

In the afternoon trade, Gold price increased by Rs 71 to Rs 56,395 per 10 grams on Multi Commodity Exchange. The price of the precious metal was up by 0.13 per cent at 2:20 PM. The gold prices pushed up as speculators created fresh positions on a firm spot demand.

Likewise, Silver also traded high on the MCX in the afternoon trade. Silver March Futures traded at Rs 69,600 per kg, up by 0.25 per cent.

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"Gold held near nine-month highs, aided by expectations of slower interest rate hikes from the US Federal Reserve. Dollar index and US yields were also down by 2 per cent and 1.5 per cent, respectively, last week supporting the move in bullions," PTI report cited Navneet Damani, Senior VP, Commodity Research at Motilal Oswal Financial Services, as saying.

Gold Price City-wise In India as of January 16, 2022 for 24k:

Chennai- Rs 58,000

Mumbai- Rs 56,950

Delhi- Rs 57,100

Kolkata- Rs 56,950

Bangalore- Rs 57,000

Hyderabad- Rs 56,950

Kerala- Rs 56,950

Pune- Rs 56,950

Vadodara- Rs 57,000

Ahmedabad- Rs 57,000

Lucknow- Rs 57,100

Vijayawada- Rs 56,950

Patna- Rs 57,000

Nagpur- Rs 56,950

Chandigarh- Rs 57,100

Surat- Rs 57,000

Bhubaneswar- Rs 56,950

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Visakhapatnam- Rs 56,950

Nashik- Rs 56,980

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

(With inputs from PTI and Reuters)