Gold and Silver price today (August 16, 2023): Yellow metal trades under pressure ahead of the US Fed meet

Gold and Silver price today (August 16, 2023): Yellow metal futures on Wednesday traded under pressure ahead of the US Fed meeting.

Last seen, MCX gold futures (Oct 5) were down by Rs 135 or 0.23 per cent at Rs 58,839 per 10 grams at the last count, having traded between Rs 58,802 and Rs 58,849 earlier in the day. Silver futures (Sept 5) were flat at Rs 69,960 per kg.

"At MCX, gold is having support at 58800-58660 and resistance at 59100-59330 while silver is having support at 69550-69100 and resistance at 70400-70750. We suggest selling gold below 59000 with a stop loss of 59200 for the target of 58650," said Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart.

"Gold Price seems fragile as it floats near a seven-month-old horizontal support zone of around $1,890 and the 200-DMA level of around $1,905. All eyes to remain on US Fed Meeting minutes while gold is expected to trade with limited upside in day trade today," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 58,950, keeping the stop loss at Rs 59,200 and a target price of Rs 58,450. For Silver July future she recommends sell on rise at Rs 70,100, with a stop loss of Rs 71,200 and a target of Rs 68,000. 

In the international market, COMEX gold traded flat at $1,935.7 per ounce.

"We expect gold prices to remain volatile this week amid volatility in the dollar index. Gold has support at $1922-1910, while resistance at $1945-1958 per troy ounce," said Jain.

"Gold seems fragile and looks to test the support $1890/$1885(spot), while any news related to rating downgrades in the US could see gold prices pumping toward the resistance of $1930/$1940," said Mohammed Imran, Research Analyst at 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 (August 16, 2023)

(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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