Gold and Silver price today (June 20, 2023): Precious metals trade in green ahead of Federal Reserves semiannual monetary policy report

Gold and Silver price today (June 20, 2023): Yellow metal futures in the domestic market on Tuesday traded marginally higher ahead of Federal Reserve's Chair Powell's semiannual monetary policy report to the House Financial Services Committee.

MCX gold futures (Aug 4) were up by 0.17 per cent or Rs 98 at Rs 59,255 per 10 grams at the last count, having traded between Rs 59,171 and Rs 59,269 earlier in the day. Silver futures (July 5) were flat at Rs 72,471 per kg. 

"This week, investors are awaiting guidance from several appearances by Federal Reserve officials. Additionally, the European Central Bank raised interest rates by 25 basis points and signaled further increases. The Bank of England is also expected to raise rates this week. Overall, gold is likely to trade within a tight range this week, with Jobless Claims and Global PMIs providing further direction to prices," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling gold August futures on rise at Rs 59,300, with a stop loss of Rs 59,500 and a target of Rs 58,900. For Silver July futures also she recommends sell on rise for Rs 72,800, with a stop loss of Rs 73,800 and a target of Rs 70,800. 

In the international market, COMEX gold traded at $1,962.4 per ounce.

Spot gold was flat in the international market and stood at $1950.5 per ounce.

"Gold is expected to be range-bound with a slight bearish tilt ahead of Federal Reserve's Chair Powell's semiannual monetary  policy report to the House Financial Services Committee on June 21. Market participants will be interested in knowing his take on the monetary policy path going forward, though presently, investors are sceptical of the Federal Reserve's intentions to hike rates twice further this  year. Fed speakers after FOMC meet have been hawkish. Markets will be paying attention to Fedspeak, too, as the Fed's Bullard and Williams air their views today," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas

He added support is in the $1920-$1930 zone, while resistance is at $1975, followed by $1990. Presently, the yellow metal is changing hands around $1947. 

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

City-wise gold price (24k) in India (June 20, 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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