Gold and Silver price today (July 24, 2023): Precious metals trade under pressure; gold hovers near Rs 60,000

Gold and Silver price today (July 24, 2023): Precious metal futures in the domestic market on Monday traded under pressure, with Gold near Rs 60,000.

MCX gold futures (Aug 4) were down 0.1 per cent or Rs 61 at Rs 59,248 per 10 grams at the last count, having traded between Rs 59,201 and Rs 59,249 earlier in the day. Silver futures (Sept 5) were down 0.34 per cent or Rs 257 at Rs 74,713 per kg. 

"The outlook for bullion markets is heavily influenced by the comments emerging from the US monetary policy meeting, as investors are closely focused on the Federal Reserve's decision regarding interest rates. There is considerable attention on whether further monetary tightening is imminent or if the central bank is planning an extended pause. The general expectation is that the Fed will raise interest rates by 25 basis points," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 59,300, keeping the stock loss at Rs 59,500 and a target price of Rs 58,900. For Silver July future she recommends sell on rise at Rs 75,000, with a stop loss of Rs 76,000 and a target of Rs 73,000. 

In the international market, COMEX gold traded at $1,961.9 per ounce.

Spot gold was down 0.11 per cent in the international market and stood at $1,958.7 per ounce.

"Today is global manufacturing and services PMIs day. Data from Australia and Japan have been mixed. Investors look forward to data out of the Euro zone, Germany, the UK, and the US. Gold is expected to remain largely range-bound ahead of the US Federal Reserve monetary policy decision due on July 26. Support is seen at $1950/$1935, while resistance is at $1988/&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 24, 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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