Gold and Silver price today (December 18, 2023): Precious metals trade in red; Gold near Rs 62,000

Gold and Silver price today (December 18, 2023): Domestic precious metal futures traded lower on Monday following Friday’s dip on statements by Federal Reserve officials that pushed back against expectations for interest rate cuts as soon as March. 

Last seen, MCX gold futures (Feb 5) were down 0.31 per cent or Rs 194 at Rs 61,998 per 10 grams at the last count, having traded between Rs 61,957 and Rs 62,226 earlier in the day. MCX Silver futures (Mar 5) were flat with a negative bias at Rs 74,468 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying gold February futures on dips at 62,000, keeping the stop loss at Rs 61,600 and a target price of Rs 62,500. For silver March futures she recommends buying on dips at Rs 74,400, with a stop loss of Rs 73,400 and a target of Rs 76,400.

"Bullions are looking strong, FOMC keeps key rates unchanged and signals three rate cuts in 2024, So the fundamentals are positive for the market. So 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 February futures at 62000/61700 and resistance at 62400/62600. For Silver March futures he sees support at 74200/73500 and resistance at 76000/77000.

In the international market, COMEX gold was flat with a positive bias at $ 2036.1 per ounce.

"With gold at around $ 2020 in Spot in early trade today, we might see some consolidated moves in the metal today amid profit booking that may persist in day trade today. However gold is set to close the year above $ 2000 per ounce levels in a spot with current month to witness an all-time high monthly average in Spot," said Anand Rathi Commodities & Currencies's Qureshi. 

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

City-wise gold price (24k) in India (December 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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