Gold and silver rate today (April 28, 2023): Yellow metals trades under pressure below Rs 60,000; should you buy or sell?

Gold and silver rate today (April 28, 2023):​ Yellow metal in the domestic market on Friday traded under pressure below the Rs 60,000 level.

Last seen, on MCX, gold futures (June 5) was down by Rs 44 or 0.07 per cent to Rs 59,857 per 10 grams. MCX Gold June futures traded between the range of Rs 59,804 and Rs 59,905 on April 28, 2023. Meanwhile, Silver futures (May 5) was up but at Rs 115 or 0.15  per cent at Rs 75,395 per kg. 

In the international market, COMEX gold traded in green at $1997.3 per ounce.

"The COMEX gold is trading below the $2,000 mark in Asian hour after softer-than-expected U.S. GDP data raise the expectation of more Federal Reserve rate hikes in the coming meeting. The initial jobless data also unexpectedly fell over the past week,  indicating that the labor market was running strong. The dollar index is trading at 101.30 level. The COMEX gold is having support near $1,990 and resistance at $2,010," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $1,985.7 per ounce which was 0.16 per cent on the downside.

"Gold is still stuck in the $50 range ($1969-$2020). The US inflation data may break the deadlock," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas

He added Bank of Japan will deliver its monetary policy decision today, though no changes are expected with respect to benchmark interest rate or yield curve control range. Still, some movement may be expected based on the presser of Governor Ueda.   

What analyst suggests? 

"Gold closed marginally higher while losses were seen overnight as equities remained steady with elevated consumer spending for Q1 2023 continued to weigh on precious metals. Two-year Treasury yields climbed for a third day, suggesting the market is betting the Fed will raise rates by another 25 basis points at the May 2 - 3 policy meeting. Overall, we may see range bound to downside moves in Gold in day trade today as US Personal spending will be the focus later in the day," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi suggests selling gold June futures on rise at 60,000, keeping a stop loss of Rs 60,200 and a target price of Rs 59,600. For the Silver May contract, she suggests selling on rise at Rs 74,300, with a stop loss of Rs 75,300 and a target of Rs 72,300.

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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