Gold and Silver rate today (April 23, 2024): Precious metals trade nearly 1% lower on MCX due to rising tensions in Middle East

Gold and Silver rate today (April 23, 2024): Domestic precious metal futures on Tuesday slipped as subsiding geopolitical risks in the Middle East crimpled safe-haven demand, and investors monitoring signalled the Federal Reserve won’t soon cut rates. 

Last seen, MCX gold futures (Jun 5) declined Rs 702 or 0.99 per cent at Rs 70,495 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) fell 0.92 per cent or Rs 743 at Rs 79,836 per kg. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommends selling Gold June futures on the rise at 70,500, keeping the stop loss at Rs 71,000 and a target price of Rs 70,000. For silver May futures she recommends selling on the rise at Rs 80,000, with a stop loss of Rs 81,000 and a target of Rs 78,000. 

Meanwhile, COMEX gold in the international market was up 1.30 per cent at $2,315.9.

"Gold witnessed a sell-off yesterday after geopolitical risk subsidised and markets continued to pare war premium built in after the conflict between Iran & Israel started. Having said that we may continue to witness more profit moves as focus now shifts to US macro cues with US Inflation measures index scheduled to be released late in the week," said Anand Rathi Commodities & Currencies' Neha Qureshi

"As long as this Israel- tensions are contained, gold may trade with a bearish tilt; thus, further downside is likely. The metal may test the key support at $2265. Interim support is at $2320/$2300. Resistance is at $2362," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities.

City-wise gold rate (24k) in India (April 23, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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