Gold and Silver price today (August 25, 2023): Precious metals trade under pressure; Gold hovers near Rs 59,000; Silver above Rs 73,000

Gold and Silver price (August 25, 2023): Precious metal futures traded under pressure on Friday, a day after the Reserve Bank of India (RBI) policy meeting minutes.

Last seen, MCX gold futures (Oct 5) were down 0.19 per cent or Rs 110 at Rs 58,701 per 10 grams at the last count, having traded between Rs 58,701 and Rs 58,744 earlier in the day. Silver futures (Sept 5) were down Rs 461 or 0.62 per cent at Rs 73,543 per kg.

"Spot Gold although having steadied during the week, Investors still remain on edge ahead of the Jackson Hole Symposium Powell Speech which begins later in the day as most of the hawkish moves by the Fed chair seem to have been discounted by the market. Volatility may persist in day trade today ahead of the same event," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold October futures on dips at 58,700, keeping the stock loss at Rs 58,400 and a target price of Rs 59,200. For Silver September future she recommends buying on dips at Rs 73,400, with a stop loss of Rs 72,400 and a target of Rs 75,400. 

In the international market, COMEX gold was flat at $1,942 per ounce.

"The most important event of the day is the Federal Reserve Chair Powell's speech at the Jackson Hole symposium. If he calls for data dependent approach, gold may recover further as some of the vital data like services PMI, durable goods orders, etc reflect slight weakness in the US economy," 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 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.)

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