Gold rate today (April 19, 2023): Yellow metal hovers near Rs 60,000 mark after the dollar index strengthens

Gold rates today (April 19, 2023): Yellow metal in the domestic market on Wednesday traded flat after the dollar index strengthened. 

On MCX, gold futures (June 5) was flat by Rs 19 or 0.03 per cent to Rs 60,469 per 10 grams. Meanwhile, Silver futures (May 5) was flat at Rs 22 or 0.03 per cent at Rs 75,271.

“The COMEX gold is trading lower in Asian hour as market participants awaited more cues on U.S. monetary policy from a string of upcoming Federal Reserve speakers and reports. The dollar index is trading higher near the 101.50 level. The COMEX gold is having support near $2,010 and resistance at $2,024,” said NS Ramaswamy, Head of Commodities, Ventura Securities.

In the international market, Comex gold was down by 0.21 per cent to $2,015.5 per ounce. 

Spot gold traded flat in the international market and stood at $2,003.3 per ounce.t

What analyst suggests?

"Gold prices continued to stay above $ 2000 as the dollar steadied while slightly elevated treasury yields on expectations building up of 25 bps rate hike could weigh on prices in early trade today. Overall prices are expected to stay rangebound with negative bias in day trade today,"  said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi suggests selling gold June futures on rise at Rs 60,600,  keeping a stop loss of Rs 60,750 and a target price of Rs 60,300. For the Silver May contract, she suggests selling on rise at Rs 76,000 with 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 19, 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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