Gold and Silver price today (December 20, 2023): Precious metals trade in green; Gold above Rs 62,500

Gold and Silver price today (December 20, 2023): Domestic precious metal futures traded in the green on Wednesday as markets boosted bets on expectations for Federal Reserve rate cuts early next year, even as policymakers continue to push back against the prospect.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 62,515 per 10 grams at the last count, having traded between Rs 62,502 and Rs 62,543 earlier in the day. MCX Silver futures (Mar 5) were up 0.26 per cent or Rs 192 at Rs 75,016 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying gold February futures on dips at 62,500, keeping the stop loss at Rs 62,100 and a target price of Rs 63,000. For silver March futures she recommends buying on dips at Rs 75,000, with a stop loss of Rs 74,000 and a target of Rs 77,000.

"Bullions are 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 62200/61900 and r resistance at 62500/62700. For Silver March futures he sees support at 74300/73500 and resistance at 75500/76000.

In the international market, COMEX gold was flat with a positive bias at $ 2053.1 per ounce.

"Gold held gains as markets boosted bets on expectations for Federal Reserve rate cuts early next year, even as policymakers continue to push back against the prospect," 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 20, 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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