Gold price today, March 3: Yellow metal surges on MCX as Rupee rises against $; should you buy? Check rates in Delhi, Mumbai and other cities

Gold price today: In the international market, Gold was quoting at $1,837.80 per ounce

Gold price today: Gold prices tumbled last month as unexpected jump in US job numbers set the tone for higher interest rates for longer duration, Pic- Reuters

Gold price today: Gold price on Friday edged up on Multi Commodity Exchange (MCX) as Rupee gained against the US dollar amid a positive trend in domestic equities strengthened investor sentiments. Gold Futures contract for April quoted at Rs 55,845 per 10 grams around 11:30 AM, up by 0.20 per cent. Likewise, Silver Futures maturing on May 5 traded at Rs 64,500 around the same time, up by nearly 0.75 per cent.

In the international market, Gold was quoting at $1,837.80 per ounce while Silver was up by 0.81 per cent at $21.067 per ounce.

Gold prices tumbled last month as unexpected jump in US job numbers set the tone for higher interest rates for longer duration. In addition to that, improved retail sales numbers, strong consumer spending and stubborn inflationary pressure strengthened the expectation of more rate hikes in the coming policy meetings.

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Furthermore, prices slipped as dollar index reversed its losses and moved above 105 and 2-year bond yields moved to their highest levels since 2006, surpassing November highs.

"Gold is trading at the mercy of expectation of a prolonged interest rate hike decision by US fed due to resurging inflation, but the talks of a smaller rate hike of 25 basis points has put dollar index under pressure which has helped to gold to rebound in last few sessions. The US treasury yields across tenures have jumped with two-year quoting near 5 per cent, its highest level in 16 years is reflecting the rate hike consensus while yield continued to remain inverted," Mohammed Imran, research analyst at Sharekhan by BNP Paribas, said.

Imran said that he is bearish on Gold for medium term and prices could breach the near-term support of $1800 to trade much lower towards $1750 levels.

Trade call by Kedia Commodities

Gold April Contract

Buy- Rs 55,600

Stop Loss- Rs 55,400

Target- Rs 56,000

Silver May Contract

Buy- Rs 64,000

Stop Loss- Rs 63,300

Target- Rs 64,800

Meanwhile, Indian Rupee gained 36 paise to 82.24 against the US dollar. On Thursday, the rupee closed at 82.60 against the US currency.

Also Read: Income Tax: What are the 3 deductions under the new tax regime?

Brent crude futures, the global oil benchmark, declined 0.39 per cent to $ 84.42 per barrel.

Gold Price City-wise In India as of March 3, 2023, for 22k

Chennai - Rs 52,430

Mumbai - Rs 51,750

Delhi - Rs 51,900

Kolkata - Rs 51,750

Bangalore - Rs 51,800

Hyderabad - Rs 51,750

Kerala - Rs 51,750

Pune - Rs 51,750

Vadodara -Rs 51,800

Ahmedabad - Rs 51,800

Jaipur - Rs 51,900

Lucknow - Rs 51,900

Coimbatore - Rs 52,430

Madurai - Rs 52,430

Vijayawada - Rs 51,750

Patna - Rs 51,800

Nagpur - Rs 51,750

Chandigarh - Rs 51,900

Surat - Rs 51,800

Bhubaneswar - Rs 51,750

Mangalore - Rs 51,800

Visakhapatnam - Rs 51,750

Nashik - Rs 51,780

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

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