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    Gold rate today: Yellow metal drops lower; silver at Rs 58,650 per kg

    Synopsis

    "With both the dollar index and bond yields holding steady, gold prices will face some headwinds in the near term," he added. "That said, the long-term up-move remains very much on the cards."

    Gold rate today: Yellow metal drops lower; silver at Rs 58,650 per kg
    NEW DELHI: Gold prices struggled on Wednesday thanks to a stronger dollar which dented bullion's appeal ahead of much-awaited inflation data scheduled later in the day.

    The Fed hiked rates by 75 basis points each in June and July to rein in soaring inflation. Although gold is seen as a hedge against inflation, higher US interest rates dull non-yielding bullion's appeal.

    Gold futures on MCX were trading lower by 0.24 per cent or Rs 124 at Rs 52,365 per 10 grams. However, silver futures declined 0.25 per cent or Rs 141 at Rs 58,650 per kg.

    Gold Rates - Spot & Futures (.995 purity) (MCX)

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 05-Apr-2024
    27-03-20246650166311
    22-03-20246597565870
    21-03-20246667966180
    20-03-20246544665715
    19-03-20246534965576
    18-03-20246525865634
    15-03-20246536565545
    14-03-20246530965580
    13-03-20246518265851
    12-03-20246553165414
    11-03-20246554866033
    08-03-20246500766021
    07-03-20246500765423
    06-03-20246442065200
    05-03-20246441364819


    Pritam Patnaik, Head - Commodities, Axis Securities gold traders remain a little cautious as they are awaiting US CPI data, due later in the day, as this will be the guiding factor for the Fed's policy initiatives, to tackle inflation.

    "With both the dollar index and bond yields holding steady, gold prices will face some headwinds in the near term," he added. "That said, the long-term up-move remains very much on the cards."

    Gold Rate in Different Cities in India

    Standard Gold (22 Carat)Pure Gold (24 Carat)
    City Name1 gram8 grams1 gram8 grams
    Ahmedabad₹6,268₹50,144₹6,656₹53,248
    Delhi₹6,423₹51,384₹6,830₹54,640
    Chandigarh₹6,355₹50,840₹6,762₹54,096
    Mumbai₹6,359₹50,872₹6,764₹54,112
    Pune₹6,268₹50,144₹6,663₹53,304
    Kolkata₹6,466₹51,728₹6,871₹54,968
    Ranchi₹6,446₹51,568₹6,848₹54,784
    Jaipur₹6,294₹50,352₹6,687₹53,496
    Hyderabad₹6,318₹50,544₹6,720₹53,760
    Chennai₹6,319₹50,552₹6,711₹53,688
    Bangalore₹6,283₹50,264₹6,674₹53,392
    Kerala₹6,305₹50,440₹6,693₹53,544
    Trivandrum₹6,281₹50,248₹6,682₹53,456
    Coimbatore₹6,215₹49,720₹6,717₹53,736
    Vijayawada₹6,317₹50,536₹6,732₹53,856
    Vizag₹6,235₹49,880₹6,724₹53,792
    Patna₹6,628₹53,024₹6,919₹55,352
    Kochi₹6,172₹49,376₹6,701₹53,608
    Surat₹6,180₹49,440₹6,699₹53,592
    Noida₹6,184₹49,472₹6,693₹53,544
    Bhubaneswar₹6,191₹49,528₹6,721₹53,768
    Lucknow₹6,197₹49,576₹6,718₹53,744
    Kanpur₹6,144₹49,152₹6,665₹53,320
    Madurai₹6,422₹51,376₹6,816₹54,528
    Mangalore₹6,169₹49,352₹6,683₹53,464
    Mysore₹6,169₹49,352₹6,705₹53,640
    Nashik₹6,143₹49,144₹6,683₹53,464
    Vadodara₹6,522₹52,176₹6,814₹54,512
    Ghaziabad₹6,538₹52,304₹6,800₹54,400
    Jamshedpur₹6,431₹51,448₹6,893₹55,144
    Visakhapatnam₹6,188₹49,504₹6,732₹53,856
    Thrissur₹6,156₹49,248₹6,682₹53,456
    Srinagar₹6,221₹49,768₹6,715₹53,720
    Dehradun₹6,189₹49,512₹6,706₹53,648
    Bhopal₹6,201₹49,608₹6,709₹53,672
    Goa₹6,201₹49,608₹6,690₹53,520
    Maharashtra₹6,202₹49,616₹6,701₹53,608
    Odisha₹6,232₹49,856₹6,728₹53,824
    Bihar₹6,563₹52,504₹6,936₹55,488
    Gujarat₹6,191₹49,528₹6,705₹53,640
    Rajasthan₹6,412₹51,296₹6,810₹54,480
    Andhra Pradesh₹6,436₹51,488₹6,804₹54,432
    Jharkhand₹6,505₹52,040₹6,938₹55,504
    Telangana₹6,311₹50,488₹6,841₹54,728
    West Bengal₹6,499₹51,992₹6,927₹55,416
    Puducherry₹6,371₹50,968₹6,789₹54,312
    Haryana₹6,335₹50,680₹6,799₹54,392
    Punjab₹6,167₹49,336₹6,680₹53,440
    Uttar Pradesh₹6,190₹49,520₹6,711₹53,688
    Uttarakhand₹6,221₹49,768₹6,717₹53,736
    Assam₹6,160₹49,280₹6,691₹53,528
    Karnataka₹6,160₹49,280₹6,698₹53,584


    In the spot market, the highest purity gold was sold at Rs 52,184 per 10 grams while silver was priced at Rs 58,106 per kg on Monday, according to the Indian Bullion and Jewellers Association.

    The spot prices of gold have jumped about Rs 1,300 per 10 grams in the last two weeks, whereas silver has gained more than Rs 3,400 per kg in the same period under review.

    Trading Strategy
    "We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,780 and resistance at $1,810 per ounce. MCX Gold October support lies at Rs 52,100 and resistance at Rs 52,800 per 10 gram," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

    Global markets
    Spot gold held its ground at $1,793.39 per ounce after hitting its highest since July 5 at $1,800.29 on Tuesday. US gold futures were down 0.1 per cent at $1,810.

    Spot silver eased 0.2 per cent to $20.47 per ounce, platinum fell 0.4 per cent to $930.14, and palladium edged 0.1 per cent higher to $2,217.40.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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