Gold and Silver price today (July 18, 2023): Precious metals trade in green; yellow metal futures trade near Rs 60,000

Gold and Silver price today (July 18, 2023): Precious metal futures in the domestic market on Tuesday traded in green, with Gold near Rs 60,000 and Silver above Rs 75,000. 

MCX gold futures (Aug 4) were down 0.28 per cent or Rs 163 at Rs 59,298 per 10 grams at the last count, having traded between Rs 59,215 and Rs 59,313 earlier in the day. Silver futures (Sept 5) were down 0.41 per cent or Rs 308 at Rs 75,875 per kg. 

"Bullions could look ahead to more cues from earnings season due to start in US as well as from macro cues in China. Overall with the US expected to witness stable earnings for the second quarter from major tech companies, gold is expected to remain range bound in short term perspective," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 59,400, keeping the stock loss at Rs 59,600 and a target price of Rs 59,000. For Silver July future she recommends sell on rise at Rs 76,000, with a stop loss of Rs 77,000 and a target of Rs 74,000. 

In the international market, COMEX gold traded at $1,965.3 per ounce.

Spot gold was flat in the international market and stood at $1,961.5 per ounce.

"Markets continue to trade on the theme of Fed hike in July to be the last rate hike in this tightening cycle. Participants will construe any weak data to be cementing the possibility of rate cuts early next year. For now, risk sentiments are expected to be healthy on the notion that this a Goldilocks phase of the US economy, which means markets looking for a soft landing amid low inflation and low growth. The yellow metal is expected to be range-bound ahead of the US data. Support is at $1950/$1935, while resistance is at $1965/$1980," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

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

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