Gold and Silver price today (December 27, 2023): Precious metal flat; Gold above Rs 63,000

Gold and Silver price today (December 27, 2023): Domestic yellow metal futures traded in green on Wednesday amid weakness in the U.S. dollar and lower Treasury yields on expectations that the Federal Reserve will lower interest rates next year.

Last seen, MCX gold futures (Feb 5) flat with a positive bias at Rs 63,042 per 10 grams at the last count, having traded between Rs 62,903 and Rs 63,198 earlier in the day. MCX Silver futures (Mar 5) were flat with negative bias at Rs 75,025 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold February futures on dips at 63,000, keeping the stop loss at Rs 62,600 and a target price of Rs 63,500. For silver March futures, she recommended buying on dips at Rs 75,000, with a stop loss of Rs 74,000 and a target of Rs 77,000.

"Bullions are showing some profit booking, Momentum Indicator RSI also indicating the same, 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 62900/62700 and resistance at 63300/63600. For Silver March futures he sees support at 74800/74500 and resistance at 75700/76300.

In the international market, COMEX gold was up 0.34 per cent at $ 2076.8 per ounce.

"Gold price held above $2,060 in early trade today as the last week of 2023 is likely to remain quiet amid the light trading volume. With a broader weak dollar index and Yemen continuing to threaten the Red Sea amid geopolitical tensions still on, gold is expected to remain supportive amid safe haven appeal remaining intact in the yellow metal," 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 27, 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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