Gold and Silver price today (June 19, 2023): Yellow metal trades in red below Rs 60,000; Silver over Rs 72,000

Gold and Silver price today (June 19, 2023): Yellow metal futures in the domestic market on Monday traded in red. Silver futures was above Rs 72,000.

MCX gold futures (Aug 4) traded down by 0.1 per cent or Rs 58 at Rs 59,296 per 10 grams at the last count, having traded between Rs 59,251 and Rs 59,296 earlier in the day. Silver futures (July 5) were flat at Rs 72,700 per kg. 

In the international market, COMEX gold traded at $1,966.7 per ounce.

Spot gold was down 0.16 per cent in the international market and stood at $1955.1 per ounce.

"Gold rebounded from $1925 level last week on the markets' questionable assumption that the Federal Reserve won't hike the rates by as much as it intends to. Another factor that supported the recovery has been talks about China's huge stimulus possibility. Both these factors will surely be put to test, and the markets' narrative concerning Fed's forward monetary policy path is likely to eventually fade away, which will be bearish for the metal; however, in near-term, the counter may remain supported on a possible weakness in the Greenback in the run-up to the Bank of England's monetary policy decision due on June 22 as the Central Bank is expected to go for a hawkish rate hike to rein in inflation," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Pariba

he added Gold may trade in the range of $1950-$1975  today. Next support is seen at $1930.

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

City-wise gold price (24k) in India (June 19, 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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