Gold and Silver price today (August 18, 2023): Yellow metal above Rs 58,300; Silver above Rs 70,000

Gold and Silver price today (August 18, 2023): Precious metal futures on Friday traded in green.

Last seen, MCX gold futures (Oct 5) were up by Rs 87 or 0.15 per cent at Rs 58,377 per 10 grams at the last count, having traded between Rs 58,370 and Rs 58,429 earlier in the day. Silver futures (Sept 5) were up Rs 403 or 0.58 per cent at Rs 70,421 per kg.

"Gold might look ahead for more cues on resilient US Economy while volatility in bond yields may continue to keep price gains under check as spot gold has broken below the key level of $1900 this week indicating more downside in short term perspective," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold October futures on rise at 59,450, keeping the stop loss at Rs 58,700 and a target price of Rs 58,000. For Silver July future she recommends sell on rise at Rs 70,700, with a stop loss of Rs 71,800 and a target of Rs 68,000. 

"Bullion daily charts are trading near the oversold zone, any time we can see short covering rally in bullion. Traders are advised to make fresh buy positions in Gold and Silver near the given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

He sees support for Gold October futures at 58250/58000 and resistance at 58700/59000. For Silver September futures he sees support at 69700/69000 and resistance at 70500/71000.

In the international market, COMEX gold was up 0.34 per cent at $1,921.6 per ounce.

"We remain bearish on the gold outlook as prices are heading for further decline towards $1865/$1850 levels while resistance remains around $1910/1930. In the absence of any major economic data gold may have sideways movement for the day," 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 18, 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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