Gold and Silver price today (November 21, 2023): Precious metal surges amid weakness in long term yields; Gold near Rs 61,000

Gold and Silver price today (November 21, 2023): Domestic precious metal futures traded in the positive territory on Tuesday amid weakness in long term yields.

Last seen, MCX gold futures (Dec 5) were up 0.54 per cent or Rs 327 at Rs 60,984 per 10 grams at the last count, having traded between Rs 60,805 and Rs 60,998 earlier in the day. Silver futures (Dec 5) were up Rs 556 or 0.77 per cent at Rs 73,200 per kg.

"Gold rose overnight amid weakness seen in long-term yields as yesterday's $16 billion sale of 20-year notes drew strong demand in treasury auctions. With yields seen peaking above 5 per cent in the current quarter markets anticipate interest rate cuts as early as the end of next quarter supporting sentiments for bullion," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold December futures on dips at 60,700, keeping the stop loss at Rs 60,300 and a target price of Rs 61,200. For Silver December futures she recommends buying on dips at Rs 73,000, with a stop loss of Rs 72,000 and a target of Rs 75,000.

"Bullions are looking strong, so traders are advised to make fresh buy positions in Gold and Silver near the given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold December futures at 60600/60300 and resistance at 61000/61200. For Silver December futures he sees support at 72500/71800 and resistance at 73500/74000.

In the international market, COMEX gold was up 0.71 per cent at $1994.2 per ounce.

"Yellow metal is expected to trade between $1950 and $2000 in the near term with a bias. Interim support is at $1960, while the supply zone is seen in the $1995-$2000 range. The next major resistance is just above the cycle peak at $2010 with 4.38 per cent being the crucial level for the US ten-year yields," 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 (November 21, 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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