Gold and Silver price today (July 26, 2023): Yellow metal trade flat ahead of the US Fed's monetary policy meet

Gold and Silver price today (July 26, 2023): Precious metal futures in the domestic market on Wednesday were flat ahead of the US Federal Reserve's monetary policy decision. 

Last seen, MCX gold futures (Aug 4) were flat at Rs 59,203 per 10 grams at the last count, having traded between Rs 59,199 and Rs 59,215 earlier in the day. Silver futures (Sept 5) were flat at Rs 74,717 per kg. 

"Bullions daily charts are showing profit booking, Momentum Indicator RSI also indicating the same, so traders are advised to book profit in longs and can create fresh short positions in Gold and Silver near given residence level one with the stop loss of resistance level two," said Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL).

He added traders can book near support levels for Gold August support level is 58950/58800 and resistance is 59300/59600. For Silver September support is at 74000/73200 and resistance is at 74800/75400.

In the international market, COMEX gold traded at $1,966.3 per ounce.

Spot gold was flat in the international market and stood at $1,962.8 per ounce.

"Gold may try to rally in the wake of the US Federal Reserve's monetary policy decision on the peak rate narrative; however, sustainability is questionable as a rate hike pause doesn't amount to a rate cut. Gold is expected to be range-bound ahead of the FOMC monetary policy decision. Support is at $1950/$1935. Resistance is at $1970/$1987," 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 26, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.