Gold rate today (April 17, 2023): Yellow metal hovers near Rs 60,000 – Check out prices in Mumbai Delhi and other cities

Gold rate today: Yellow metal in the domestic market on Monday traded flat, whereas silver traded marginally lower. 

On MCX, gold futures (June 5) was flat by Rs 33 or 0.05 per cent to Rs 60,362 per 10 grams. Meanwhile, Silver futures (May 5) was up by Rs 139 or 0.18 per cent at Rs 75,538.

“The COMEX gold is hovering above $2,000 mark in Asian hour on the back of hawkish comments from Federal Reserve officials on the path of interest rate hikes triggered a heavy dose of profit taking in last session. The dollar index is trading above the 101 mark. The COMEX gold is having support near $2,004 and resistance at $2,028,” said NS Ramaswamy, Head of Commodities, Ventura Securities.

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In the international market, Comex gold traded in the green, up by 0.07 per cent to $2,017.30 per ounce. 

Spot gold traded flat by 0.01 per cent in the international market and stood at $2004.2.

According to Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies, despite Friday's fall, the bullion went up 0.8 per cent on the week and holds close to levels not seen since March last year, prompted by a weaker dollar, and prospects that major central banks, and especially the Fed, are nearing the end of the tightening cycle. 

What analyst suggests? 

Qureshi has recommended selling gold June futures at Rs 60,450 by keeping a stop loss of Rs 60,600 and a target of Rs 60,150.

She has suggested selling silver May futures on rise for Rs 76,000, by keeping a stop loss of Rs 77,000 and a target of Rs 74,000

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

City-wise gold price (22k) in India (April 17, 2023) 

(Disclaimer: These are indicative prices collected from trusted sources. Investors are recommended to check prices with their jeweller before investing/purchasing.)

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