Gold and Silver price today (July 19, 2023): Yellow metal trades flat near Rs 60,000; Should you buy?

Gold and Silver price today (July 19, 2023): Yellow metal futures in the domestic market on Wednesday traded flat, with Gold near Rs 60,000 and Silver above Rs 76,000. 

MCX gold futures (Aug 4) were flat at Rs 59,799 per 10 grams at the last count, having traded between Rs 59,765 and Rs 59,802 earlier in the day. Silver futures (Sept 5) were up 0.15 per cent or Rs 114 at Rs 76,217 per kg. 

"Gold been supported from falling treasury yields may continue to gather momentum on Emerging signs the Federal Reserve will stop raising borrowing costs after the next meeting, even as policymakers stick to their hawkish messaging," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 59,700, keeping the stock loss at Rs 59,500 and a target price of Rs 60,000. For Silver July future she recommends buy on dips at Rs 76,000, with a stop loss of Rs 75,000 and a target of Rs 78,000. 

In the international market, COMEX gold traded at $1,980.6 per ounce.

Spot gold was down 0.11 per cent in the international market and stood at $1,975.6 per ounce.

"Investors look forward to the UK's and Euro-zone's CPI inflation data to be released today to assess the possible stances of these two central banks. Apart from these macroeconomic indicators, focus will be on the US housing starts (June), too. In yet another positive development for gold, global ETF holdings recorded second consecutive inflows yesterday. Gold is expected to trade with a positive bias, though volatility in Euro, Pound and yields is a potential risk. Support is at $1965/$1950. Resistance is at $1985/$2000," 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 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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