Gold and Silver price today (October 20, 2023): Precious metal edge higher amid higher-for-longer interest rate worries; Gold above Rs 60,500

Gold and Silver price today (October 20, 2023): Domestic precious metal futures edged higher on Friday as traders construed Federal Reserve Chair Powell's speech at the Economic Club of New York largely as dovish.

Last seen, MCX gold futures (Dec 5) were up Rs 267 or 0.44 per cent at Rs 60,585 per 10 grams at the last count, having traded between Rs 60,313 and Rs 60,615 earlier in the day. Silver futures (Dec 5) were up 0.29 per cent or Rs 205 at Rs 71,821 per kg.

"Gold safe haven appeal might also continue to support prices unless and until we see any peace resolution coming which could turn markets volatile in short term perspective," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold December futures on dips at 60,300, keeping the stop loss at Rs 60,000 and a target price of Rs 60,700. For Silver December futures she recommends buying on dips at Rs 71,600, with a stop loss of Rs 70,600 and a target of Rs 73,600.

"Bullion looks positive and some upside movement could be seen in the near future. 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 60100/59800 and resistance at 60500/60700. For Silver December futures he sees support at 71600/70600 and resistance at 72600/73000.

In the international market, COMEX gold was up 0.44 per cent at $1989.5 per ounce.

"The situation on the middle East conflict front remains turbulent as Israel sticks to its ground invasion plan. Gold is expected to hit the $2000 mark on the US ten-year bond yields may stall at 5% briefly at least. Support is at $1965/$1945," 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 (October 20, 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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