Gold price today (June 12, 2023): Precious metals traded in red ahead of US CPI data release and FOMC meet

Gold price today (June 12, 2023): Precious metals in the domestic market on Monday traded in the red. Gold hovered near Rs 60,000, Silver above Rs 73,000 amid treasury yields expected to stay elevated ahead of key US Consumer Price Index (CPI) & FOMC meet.

MCX gold futures (Aug 4) traded flat at Rs 59,704 per 10 grams at the last count, having traded between Rs 59,660 and Rs 59,740 earlier in the day. Silver futures (July 5) were down 0.63 per cent or Rs 465 at Rs 73,331 per kg. 

"Gold remains vulnerable to a downside of around Rs. 59,000 on the MCX futures contract this week amid treasury yields expected to stay elevated ahead of key US CPI & FOMC meet. However, volatility persists as on the higher side we might also witness Rs. 61,000 levels amid inflation expected to remain soft but higher than expected numbers could fuel volatility in prices. Any correction near 58,400 - 58,200 would be a buying opportunity from short-term perspective as Gold is still expected to remain in the range of Rs. 58.200 – 61.020 per 10 gm for this week," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends selling gold Aug futures on rise at 59,800 with a stop loss of Rs 60,000 and a target of Rs 59,500. For Silver July futures she recommends sell on rise at Rs 73,500 keeping a stop loss at Rs 74,500 and a target of Rs 72,000.

In the international market, COMEX gold traded at $1,971.9 per ounce.

Spot gold was down 0.16 per cent in the international market and stood at $1957.5 per ounce.

"Gold is expected to remain range-bound ahead of US CPI inflation data due tomorrow and FOMC monetary policy decision due Wednesday. Support is at $1950/$1930. Resistance is at $1975/$1990," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

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

City-wise gold price (24k) in India (June 12, 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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