Gold and Silver price today (July 28, 2023): Precious metals trade in green; Gold above Rs 59,000

Gold and Silver price today (July 28, 2023): Precious metal futures in the domestic market on Friday traded in the positive territory. 

Last seen, MCX gold futures (Aug 4) were up 0.41 per cent or Rs 239 at Rs 59,189 per 10 grams at the last count, having traded between Rs 59,987 and Rs 59,198 earlier in the day. Silver futures (Sept 5) were up 0.15 per cent or Rs 111 at Rs 73,858 per kg. 

"MCX Gold and Silver gave a negative closing yesterday, Due to the positive US economic data. August Gold closed at 58950(-0.84%) and September Silver closed at 73747(-2.07%), Bullion daily charts are now trading at the demand zone and Momentum Indicator RSI is also indicating the reversal from the bottom level, So traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold August Support 58800/58500 and Resistance 59150/59300. Silver September Support 73300/72700 and Resistance 74000/74500," said Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL).

"The outlook for gold at the end of the week appears cautious, primarily due to the recent rise in yields and the bounce observed in the dollar. These developments have contributed to a sense of restraint in the market sentiment. Notably, further macroeconomic cues from the CORE PCE (Personal Consumption Expenditures) index and U.S. personal spending data, scheduled for release later today, are likely to play a crucial role in shaping the day trade dynamics," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 59,000, keeping the stock loss at Rs 59,200 and a target price of Rs 58,750. For Silver July future she recommends buy on dips at Rs 74,100, with a stop loss of Rs 75,150 and a target of Rs 72,502. 

In the international market, COMEX gold traded at $1,953 per ounce.

Spot gold was up 0.30 per cent in the international market and stood at $1,952.6 per ounce.

"Today's US data include crucial PCE deflator inflation (June) and U. of Michigan sentiment (July F). Euro-zone's data docket includes Germany's CPI and Euro-zone's consumer confidence, economic confidence, and industrial confidence. Gold is expected to trade with a bearish bias. Bank of Japan's decision will be crucial for the metal. Support is at $1935/$1900. Resistance is at $1965/$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 28, 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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