Gold and Silver rate today (July 20, 2023): Precious metals trade in green; Yellow metal hovers near Rs 60,000

Gold and Silver price today (July 20, 2023): Precious metal futures in the domestic market on Thursday traded flat, with Gold near Rs 60,000 and Silver above Rs 76,000. 

MCX gold futures (Aug 4) were flat at Rs 59,782 per 10 grams at the last count, having traded between Rs 59,587 and Rs 59,878 earlier in the day. Silver futures (Sept 5) were up 0.4 per cent or Rs 302 at Rs 76,405 per kg. 

"Gold is expected to continue its string of gains seen during the week as 10Y treasury yields stays muted while inflation cools off further in global economies supporting the sentiments that interest rates are due to peak in coming months. Overall buy on dips remains a favorable strategy for the week.," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 59,900, keeping the stock loss at Rs 59,700 and a target price of Rs 60,200. For Silver July future she recommends buy on dips at Rs 76,500, with a stop loss of Rs 75,500 and a target of Rs 78,500.

In the international market, COMEX gold traded at $1,989.6 per ounce.

Spot gold was up 0.41 per cent in the international market and stood at $1,984.6 per ounce.

"Today's US data docket includes weekly jobless claims, Philadelphia Fed business outlook, and existing home sales. The European data calendar is relatively lighter with Germany's PPI being the focus. The fortune of gold depends a lot on the yields. It is to be noted that a rate hike pause is not the same thing as a rate cut, though markets look forward to cuts as the next logical step by the key Central Banks," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

H e added traders will look forward to buying the dips. Support is at $1965/$1950. Resistance is at $1985/$2000. 

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

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