Gold and Silver price today (September 22, 2023): Precious metals under pressure as US yields surge

Gold and Silver price today (September 22, 2023): Precious metal futures traded lower on Friday as US yields surged after hawkish commentary from Federal Reserve. 

Last seen, MCX gold futures (Oct 5) were down 0.15 per cent or Rs 87 at Rs 59,735 per 10 grams at the last count, having traded between Rs 58,729 and Rs 58,750 earlier in the day. Silver futures (Dec 5) were down 0.18 per cent or Rs 131 at Rs 73,099 per kg.

"Gold has been steady despite rising bond yields and steady dollar, as prices continue to find support at lower levels, which is expected to persist today. Overall, we anticipate steady trade to persist in day trade today despite resilience seen in US macro cues as slight correction in Japanese Yen have also supported the prices," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold October futures on rise at 58,900, keeping the stop loss at Rs 59,300 and a target price of Rs 58,300. For Silver December futures she recommends buy on dips at Rs 73,000, with a stop loss of Rs 72,000 and a target of Rs 75,000.

In the international market, COMEX gold was up 0.13 per cent at $1,942 per ounce.

"Today's data docket is heavy with the Eurozone, the UK, and the US reporting manufacturing, services and composite PMIs. The outlook of the yellow metal is bearish unless we see significant weakness in the major US data. Support is at $1915/$1900. Resistance is at $1925/$1931/$1950," 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 (September 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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