Gold and Silver price today (June 15, 2023): Precious metals trade in red after US Fed hit a pause on rate hike

Gold and Silver price today (June 15, 2023): Precious metals in the domestic market on Thursday traded under pressure. Gold prices hovered near Rs 60,000.

MCX gold futures (Aug 4) traded at Rs 59,900 per 10 grams, down 0.67 per cent or Rs 398 at the last count, having traded between Rs 59,858 and Rs 59,210 earlier in the day. Silver futures (July 5) were down 1.74 per cent or Rs 1,261 at Rs 71,390 per kg. 

"Gold and silver prices slipped as Treasury yields and dollar index rebounded, following the Federal Reserve’s widely expected pause on interest rate hikes, although hints of a further increase pinned bullion lower," said Manav Modi, Analyst, Coomoditand Currencies, Motilal Oswal Financial Services Ltd.

A day before the Fed meeting, US inflation data was reported at 4 per cent against the previous data of 4.9 per cent, which supported the metal prices on the lower end. The Fed kept its interest rate unchanged, for the first time in more than a year following 10 consecutive increases but signalled its intention to implement further rate hikes. 

The Fed, in new economic projections, signalled that a stronger-than-expected economy and a slower decline in inflation will result in a likely rise in borrowing costs by another half-percentage point by the end of this year.

In the international market, COMEX gold traded at $1,948.3 per ounce.

Spot gold was down 0.45 per cent in the international market and stood at $1933.2 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 15, 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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