Gold and Silver price today (August 22, 2023): Yellow metal hovers near Rs 59,000; Silver above Rs 71,000

Gold and Silver price today (August 22, 2023): Yellow metal futures on Tuesday traded with a cautious upside as a rise in 10Y Yields along with China demand slowdown concerns continued to weigh on sentiments. 

Last seen, MCX gold futures (Oct 5) were flat at Rs 58,501 per 10 grams at the last count, having traded between Rs 58,500 and Rs 58,528 earlier in the day. Silver futures (Sept 5) were flat at Rs 71,675 per kg.

"Gold could continue to trade with cautious upside as a rise in 10Y Yields along with China demand slowdown concerns could continue to weigh on sentiments. Overall, any short-term upside in prices could be considered as a selling opportunity ahead of the Jackson hole event scheduled to start tomorrow which could be the most watched event for any clues on interest rates while Silver may remain volatile ahead of same," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 58,500, keeping the stop loss at Rs 58,200 and a target price of Rs 59,000. For Silver July future she recommends sell on rise at Rs 71,750, with a stop loss of Rs 70,500 and a target of Rs 73,500. 

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

Khare sees support for Gold October futures at 58300/58000 and resistance at 58700/59000. For Silver September futures he sees support at 70900/70000 and resistance at 72000/72500.

In the international market, COMEX gold was flat at $1,924.6 per ounce.

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

City-wise gold price (24k) in India (August 22, 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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