Gold and Silver price today (November 22, 2023): Precious metals trade lower; Gold below Rs 61,100; should you buy or sell?

Gold and Silver price today (November 22, 2023): Domestic precious metal futures traded in red on Wednesday.

Last seen, MCX gold futures (Dec 5) were down 0.22 per cent or Rs 136 at Rs 61,089 per 10 grams at the last count, having traded between Rs 61,070 and Rs 61,159 earlier in the day. Silver futures (Dec 5) were down Rs 233 or 0.32 per cent at Rs 73,071 per kg.

"Gold witnessed rally continue to consolidate amid expectations of Fed cutting rates next year as soon as March 2024 have started rising. Also, technicals show price patterns to support a bullish up-move focus to remain on further macro cues from US including durable goods orders and Jobless claims which could provide further direction to the bullion complex," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold December futures on dips at 61,100, keeping the stop loss at Rs 60,800 and a target price of Rs 61,600. 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 61000/60700 and resistance at 61300/61500. For Silver December futures he sees support at 72700/71700 and resistance at 74000/74500.

In the international market, COMEX gold was down 0.19 per cent at $1997.9 per ounce.

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

City-wise gold price (24k) in India (November 22, 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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