Gold and Silver price today (December 22, 2023): Precious metals trade at one-week high as US dollar weakens

Gold and Silver price today (December 22, 2023): Domestic precious metal futures traded in the positive territory at a one-week high on Friday as the dollar fell after US economic growth was revised lower, raising expectations for rate cuts next year.

Last seen, MCX gold futures (Feb 5) were up 0.44 per cent or Rs 276 at Rs 62,779 per 10 grams at the last count, having traded between Rs 62,747 and Rs 62,784 earlier in the day. MCX Silver futures (Mar 5) were down 0.46 per cent or Rs 347 at Rs 75,773 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 62,200 and a target price of Rs 63,000. For silver March futures she recommends buying on dips at Rs 75,400, with a stop loss of Rs 74,400 and a target of Rs 77,400.

"Bullions are now showing some profit booking, so traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold February futures at 62200/62000 and resistance at 62700/63000. For Silver March futures he sees support at 74700/74000 and resistance at 76000/77000.

In the international market, COMEX gold was up over half per cent at $ 2061.8 per ounce.

"Overall with Christmas holidays approaching in the next week, volumes may remain thin from today onwards in the US markets amid trading booking profits ahead of that. However, we head to end the year with a strong upside and an annual return of 10 per cent to 11 percent in Gold this year with the yellow metal remaining as the most preferred commodity of the next year as well," 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 22, 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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