Gold and Silver price today (August 23, 2023): Yellow metal trades flat hivers near Rs 59,000; Silver trade higher above Rs 72,000

Gold and Silver price today (August 23, 2023): Yellow metal futures on Wednesday traded flat whereas Silver futures traded higher. 

Last seen, MCX gold futures (Oct 5) were flat at Rs 58,577 per 10 grams at the last count, having traded between Rs 58,564 and Rs 58,625 earlier in the day. Silver futures (Sept 5) were up Rs 244 or 0.34 per cent at Rs 72,226 per kg.

"Overall cautious upside to persist in day trade today for short-term perspective. However Silver may see relatively steady moves as compared to Gold as sentiments turns slightly positive on base metals complex," 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 71,850, with a stop loss of Rs 70,500 and a target of Rs 73,800. 

In the international market, COMEX gold was up 0.17 per cent at $1,929.3 per ounce.

"The US Dollar Index faces strong resistance at 103.75. Firm yields and a weak Chinese economy continue to support the Greenback. Stronger than expected US PMIs or weaker than expected European PMIs or growing concerns about the Chinese economy may boost the US Dollar Index further to challenge this level, which may weigh on the yellow metal. Support is at $1885/$1865, while resistance is at $1920," 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 (August 23, 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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