Gold Price Today: Yellow metal falls from nine-month high, silver drops on MCX - Check current rate in Delhi, Mumbai and other cities

Gold Price Today: Gold prices dipped in the domestic futures market on Tuesday, January 17, after hitting a nine-month high on the previous day. On MCX, Gold February Future slipped to Rs 56,312 per gram, off about Rs 250 from its all-time high of Rs 56,562 in the afternoon trade. Silver March futures dipped 0.51% to Rs 69,432 per kg.

In the international market, Gold fell for a second session on Tuesday as the dollar ticked up, while investors still sought direction from the U.S. Federal Reserve's rate hike path, as per a Reuters report.

Spot Gold dropped 0.5% to $1,908.70 per ounce by 0919 GMT. The metal closed lower on Monday, after having risen to its highest since April 2022.

"Near-term, the likely further rate increases by (the U.S. Federal Reserve) remain a headwind for gold, but any indication by FOMC officials of a slower rate hike path or an end of the hikes has the potential to support prices," Reuters reported, citing UBS analyst Giovanni Staunovo.

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Analysts predicted gold could hit record highs above $2,000 this year as the Fed slows hikes.

Gold Price City-wise In India as of January 17, 2022, for 24k:

Chennai- Rs 57,870

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

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Bhubaneswar- Rs 56,950

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 Reuters)