Gold and Silver price today (July 25, 2023): Yellow metal trades flat; should you buy or sell?

Gold and Silver price today (July 25, 2023): Yellow metal futures in the domestic market on Tuesday traded higher but pared gains soon ending flat. 

Last seen, MCX gold futures (Aug 4) were flat at Rs 59,068 per 10 grams at the last count, having traded between Rs 59,041 and Rs 59,120 earlier in the day. Silver futures (Sept 5) were up 0.24 per cent or Rs 175 at Rs 74,271 per kg. 

"Gold prices have stabilised above $1,950 per ounce, leading COMEX traders to become more optimistic about gold. However, this optimism hasn't translated to bullion-backed exchange-traded funds, which have the lowest holdings since April 2020. The strength of the US dollar has also put pressure on gold prices as investors shifted their focus to it before the Federal Reserve meeting. Overall, we expect gold to remain cautious ahead of the important US Fed meeting starting today, with potential short-term price volatility," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 59,000, keeping the stop loss at Rs 58,800 and a target price of Rs 59,400. For Silver July future she recommends buy on dips at Rs 74,000, with a stop loss of Rs 73,000 and a target of Rs 76,000. 

In the international market, COMEX gold traded at $1,962.6 per ounce.

Spot gold was up 0.29 per cent in the international market and stood at $1,959.8 per ounce.

"This is a crucial week for the financial markets as we have got monetary policy decisions of three Central banks viz the US Federal Reserve, European Central Bank, and Bank of Japan due this week. Overall, range-bound trading is expected to continue in the gold counter ahead of the FOMC monetary policy decision due on July 26. Support is at $1950/$1935, while resistance is at $1970/$1987," 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 price (24k) in India (July 24, 2023)

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

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.