Gold and Silver price today (July 27, 2023): Yellow metal hovers near Rs 60,000; Silver above Rs 75,000

Gold and Silver price today (July 27, 2023): Precious metal futures in the domestic market on Thursday traded in the positive territory after the US Federal Reserve hiked interest rate by 25 basis points (bps). 

Last seen, MCX gold futures (Aug 4) were up 0.13 per cent or Rs 80 at Rs 59,445 per 10 grams at the last count, having traded between Rs 59,541 and Rs 59,610 earlier in the day. Silver futures (Sept 5) were up 0.76 per cent or Rs 558 at Rs 75,900 per kg. 

"MCX Gold and Silver gave positive closing yesterday. August Gold closed at 59461(0.45 per cent) and September Silver closed at 75324(0.75 per cent). Bullion's daily charts are now looking strong. Momentum Indicator RSI is also indicating the same, So traders are advised to make fresh buy positions in Gold and Silver near the given support levels one with the stop loss of support level two and book near given resistance levels: Gold August Support 59300/59000 and Resistance 59600/59800. Silver September Support 75000/74400 and Resistance 75700/76000," said Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL).

In the international market, COMEX gold traded at $1,979.4 per ounce.

Spot gold was up 0.31 per cent in the international market and stood at $1,977.9 per ounce.

"Traders will look forward to today's European Central Bank monetary policy decision. The Central Bank is widely expected to hike the key rate by 25 bps; however, the focus will be on future rate hike possibilities. Advance US GDP for Q2 will be crucial for the metal. The Euro may try to rally as the ECB is expected to maintain its hawkish stance, which may support gold; however, gold rally on the US Dollar weakness may be short-lived unless GDP data disappoint," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

He added Support is at $1962/$1950. Resistance is at $1987/$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 27, 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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