Gold price today: MCX Gold rate crashes nearly 1% on hawkish comments from US Fed Chair

Hawkish comments from US Federal Reserve Chair Jerome Powell dampened investor sentiment for gold, causing the price of the yellow metal to drop nearly 1 per cent in the domestic futures market during the morning session on Wednesday, February 12.MCX Gold for April 4 contract opened 0.70 per cent lower at ₹84,926 per 10 grams against the previous close of ₹85,523. However, within a few minutes after opening, the yellow metal declined as much as 0.80 per cent to the level of ₹84,854. Around 9:15 AM, MCX Gold’s April 4 contract was 0.73 per cent down at ₹84,902 per 10 grams. The yellow metal’s same contract had hit an all-time high of ₹86,360 per 10 grams in the previous session on February 11.International gold prices also witnessed profit booking after rising to an all-time high in the previous session.While Powell’s hawkish comment signalled slower rate cuts this year, investors focused on US inflation reports due this week.The US Consumer Price Index (CPI) print is due later today, and the Producer Price Index (PPI) report will be out on Thursday. Moreover, according to reports, Powell is also due to testify before Congress later in the day.