Sunday, 24 September 2023

Today: The Price of Gold and Silver is Rising

Today’s (June 20, 2023) price of gold and silver is: At Rs 59,255 per 10 grams, MCX gold futures for August 4 were up 0.17 percent or Rs 98.

On Tuesday, yellow metal futures on the domestic market traded marginally higher ahead of the semi-annual monetary policy report due out by Federal Reserve Chair Powell to the House Financial Services Committee.

The Price of Gold and Silver

MCX gold futures (Aug. 4) were trading between Rs 59,171 and Rs 59,269 early in the day. At the most recent count, they were up 0.17 percent or Rs 98, or Rs 59,255 per 10 grams. On July 5, silver futures remained unchanged at Rs 72,471 per kilogram. Investors are anticipating direction from numerous appearances by Federal Reserve officials this week.

The European Central Bank also increased interest rates by 25 basis points while indicating future hikes. This week, rates are also anticipated to rise at the Bank of England. Jobless Claims and global PMIs are expected to give prices further direction this week, according to Neha Qureshi, the senior technical and derivative research analyst at Anand Rathi Commodities & Currencies.

  • MCX gold futures were trading between Rs 59,171 and Rs 59,269 early in the day.
  • Overall, gold is likely to trade within a narrow range this week.
  • The price of COMEX gold on the world market was $1,962.4 per ounce.

“Overall, gold is likely to trade within a narrow range this week. With a stop loss of Rs 59,500 and a target of Rs 58,900, Qureshi advises selling gold August futures on the increase at Rs 59,300. She also advises selling on the rise for Silver July futures at a price of Rs. 72,800, with a stop loss of Rs. 73,800, and a target price of Rs. 70,800.

The price of COMEX gold on the world market was $1,962.4 per ounce. At $1950.5 per ounce, spot gold prices were stable on the global market.

Before Federal Reserve Chair Powell’s semi-annual monetary policy report to the House Financial Services Committee on June 21, gold is anticipated to be range-bound with a small bearish tilt. Market players will be curious to hear his thoughts on the direction of monetary policy in the future, albeit at the moment, investors are dubious of the Federal Reserve’s plans to raise rates twice more this year. After the FOMC meeting, the Fed made hawkish statements.

As the Fed’s Bullard and Williams express their opinions today, the markets will be paying attention to Fedspeak as well, according to Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

He said that the $1920–1930 range serves as support, while $1975 and $1990 serve as resistance. The price of the golden metal is currently about $1947.

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