Gold rate today (April 20, 2023): Precious metals under pressure, gold trades near Rs 60,000 level, silver above Rs 75,000

Gold rate today (April 20, 2023): Precious metals– Gold and Silver in the domestic market on Thursday traded lower.

On MCX, gold futures (June 5) was down by Rs 66 or 0.11 per cent to Rs 60,222 per 10 grams. Meanwhile, Silver futures (May 5) was down by Rs 223 or 0.3 per cent at Rs 75,249.

“The COMEX gold is trading near the $2,000 mark in Asian hour after a rising expectation that major central banks across the globe will keep raising interest rates in the near-term. The dollar index is trading above the 101.50 level. The COMEX gold is having support near $1,995 and resistance at $2,013,” said NS Ramaswamy, Head of Commodities, Ventura Securities.

In the international market, Comex gold was down by 0.15 per cent to $2,004.1 per ounce. 

Spot gold traded 0.12 per cent lower in the international market and stood at $1992.8 per ounce.

What analyst suggests?

"Gold prices came under pressure yesterday night as US short-term treasury yields continued to stay elevated, while recent hawkish comments from officials also weighed on prices, said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She added, however, moving ahead prices are expected to take further cues from Initial jobless claim numbers due today while the possibility of further rate hikes in upcoming Fed meetings may keep prices to trade with limited upside in day trade today.

Qureshi suggests selling gold June futures on rise at 60,400, keeping a stop loss of Rs 60,600 and a target price of Rs 60,000. 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 20, 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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