Gold and Silver price today (June 27, 2023): Precious metals trade in green; Gold above Rs 58,000, Silver near Rs 70,000

Gold and Silver price today (June 27, 2023): Precious metal futures in the domestic market on Tuesday traded higher, with Gold above Rs 58,000 and Silver near Rs 70,000. 

MCX gold futures (Aug 4) were up Rs117 or 0.2 per cent at Rs 58,529 per 10 grams at the last count, having traded between Rs 58,465 and Rs 58,529 earlier in the day. Silver futures (July 5) were down 0.42 per cent or Rs 290 at Rs 69,479 per kg. 

"With the rise seen yesterday, Gold prices still trading under the 100-day moving average, a key support level breached earlier this month as prospects for further monetary tightening by the US and European central banks remained at the fore. However, with S&P downgrading China's growth forecast yesterday increasing safe-haven appeal for Gold, while Net long positions increased as shown from the latest CFTC report, bullions are expected to remain steady ahead of key macro data scheduled in the week including Core PCE numbers and Jobless claims," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling gold August futures on rise at Rs 58,500, with a stop loss of Rs 58,700 and a target of Rs 58,100. For Silver July futures also she recommends sell on rise for Rs 69,800, with a stop loss of Rs 70,800 and a target of Rs 68,000. 

In the international market, COMEX gold traded at $1,938.8 per ounce.

Spot gold was up 0.29 per cent in the international market and stood at $1,928.3 per ounce.

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

City-wise gold price (24k) in India (June 27, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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