Gold rate today (April 18, 2023): Yellow metal hovers near Rs 60,000 mark after hawkish comments from US Fed

Gold rate today (April 18, 2023): Yellow metal in the domestic market on Tuesday traded in green after recent hawkish comments from Fed officials.

On MCX, gold futures (June 5) was flat by Rs 75 or 0.12 per cent to Rs 60,255 per 10 grams. Meanwhile, Silver futures (May 5) were flat by Rs 59 or 0.08 per cent at Rs 74,753.

“The COMEX is trading in a narrow range in Asian hour after recent hawkish comments from Fed officials saw markets pricing in a greater chance of a rate hike in May. A firmer dollar and rising  Treasury yields capped the upside for the yellow metal. The dollar index is trading below the 102 level. The COMEX gold is having support near $2,004 and resistance at $2,022,” said NS Ramaswamy, Head of Commodities, Ventura Securities.

In the international market, Comex gold traded in the green, up by 0.24 per cent to $2,011.9 per ounce. 

ALSO READ: Income Tax Return 2023: Check ITR Filling Last Date, How to e-File Income Tax Returns Online - all you need to know detail process

Spot gold traded 0.26 per cent higher in the international market and stood at $1999.9.

What analyst suggests? 

"As the dollar continued to remain steady above 102 levels, precious metals could continue to trade rangebound. The overall focus will now turn towards slowing global growth and on the next US Fed move during the meeting in the first week of May, instead of inflation in the short term perspective while Gold may continue to consolidate around $ 2000 in Comex," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

However, a weaker rupee expected this week may cap major losses on the MCX futures contract, she added. 

Qureshi suggests selling the gold June contract on the rise at Rs 60,400, keeping a stop loss of Rs 60,600 and a target of Rs 60,000. For silver, she suggests selling silver may contract on the rise at Rs 75,500, keeping the stop loss at Rs 76,500 and target at Rs 73,550. 

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

City-wise gold price (22k) in India (April 18, 2023) 

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

Catch the latest stock market updates here. For more news on sports, politics follow Zee Business