Gold and silver rate today (April 27, 2023): Yellow metal trades in green near Rs 60,000; silver above Rs 75,000 ahead of US GDP data release

Gold and silver rate today (April 27, 2023):​ Yellow metal in the domestic market on Thursday hovered near the Rs 60,000 level, silver trades above Rs 75,000 ahead of US GDP data release.

Last seen, on MCX, gold futures (June 5) was up by Rs 265 or 0.44 per cent to Rs 60,158 per 10 grams. Meanwhile, Silver futures (May 5) was up but at Rs 596 or 0.79  per cent at Rs 75,581 per kg. MCX Gold June futures traded between the range of Rs 60,097 and Rs 60,174 on April 27, 2023.," said 

"The COMEX gold is trading higher in Asian hour on expectation of poor U.S. GDP data later in the day. The safe haven demand kept the yellow metal near $2,000 mark. The COMEX gold is having support near $1,990 and resistance at $2,022," said NS Ramaswamy, Head of Commodities, Ventura Securities

In the international market, COMEX gold traded in green at $2008.3 per ounce.

"Spot gold is currently trading with a gain of 0.5 per cent at $1999. The rebound follows a decline of 0.45 per cent yesterday as yet another attempt of the bulls to take out $2020 resistance failed. The First Republic Bank is in focus as it dropped another 20 per cent yesterday following a decline of 50 per cent the day before on dwindling deposit concerns. This may limit the Bank's borrowing from the Federal Reserve, which is stoking contagion fear," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas

He added yesterday's US durable goods orders data for March beat the forecast as both headline and ex-transport and ex-defense data topped the forecast. Traders look forward to today's US Q1 GDP data. Gold dip buying is expected to continue on banking concerns. The metal continues to move in the $50 range ($1969-$2020). 

Spot gold traded flat in the international market and stood at $1,999 per ounce which was 0.52 per cent on the upside.

What analyst suggests? 

"Gold edging higher in overnight trade on renewed banking worries in the US could keep the metal supportive on MCX in day trade. However, all focus remains on US Advance GDP numbers along with jobless claims to show higher readings which may keep the downside limited in the yellow metal," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi suggests selling gold June futures on rise at 60,250, keeping a stop loss of Rs 60,450 and a target price of Rs 59,950. For the Silver May contract, she suggests selling on rise at Rs 74,500, with a stop loss of Rs 75,500 and a target of Rs 72,500.

Gold price history

Gold prices in India have fluctuated in 2023. The price of gold has increased considerably since 2022. The yellow metal's price grew by roughly Rs.3,000 in the first six months of the year, representing a gain of nearly 6.5 per cent. The Russia-Ukraine war, US Fed rate hikes, and inflation have all contributed to rising gold prices. The rise in gold demand has caused the stock market to decrease since the beginning of the year.

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