Gold and Silver price today (December 19, 2023): Precious metals trade under pressure; Yellow metal below Rs 62,100

Gold and Silver price today (December 19, 2023): Domestic precious metal futures traded lower on Tuesday.

Last seen, MCX gold futures (Feb 5) were down 0.35 per cent or Rs 215 at Rs 62,076 per 10 grams at the last count, having traded between Rs 62,069 and Rs 62,125 earlier in the day. MCX Silver futures (Mar 5) were down 0.18 per cent or Rs 135 at Rs 74,275 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying gold February futures on dips at 62,200, keeping the stop loss at Rs 61,800 and a target price of Rs 62,800. For silver March futures she recommends buying on dips at Rs 74,300, with a stop loss of Rs 73,300 and a target of Rs 76,300.

"Bullions are overall looking strong, so 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.

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  75500/76000.

In the international market, COMEX gold was flat with a positive bias at $ 2037.7 per ounce.

"Gold traders will keep an eye on the US housing data on Tuesday, including Building Permits and Housing Starts. The US Gross Domestic Product Annualized (Q3) will be released on Thursday, which is expected to remain steady at 5.2 per cent while may lead to minor corrective moves in the yellow metal in the short term," 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 19, 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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