Gold and Silver price today (June 23, 2023): Yellow metal futures trades flat near —check out city wise prices in Mumbai, Delhi and other cities

Gold and Silver price today (June 23, 2023): Yellow metal futures in the domestic market on Friday traded flat and hovered near Rs 60,000. 

MCX gold futures (Aug 4) traded flat at Rs 58,203 per 10 grams at the last count, having traded between Rs 58,096 and Rs 58,269 earlier in the day. Silver futures (July 5) were down 0.59 per cent or Rs 400 at Rs 68,908 per kg. 

"Recent investor reactions indicate a bearish outlook for gold as more developed central banks adopt a hawkish stance. The elevated Treasury yields, which could indicate a potential recession, may help sustain gold's safe-haven appeal in the long run. Nevertheless, we expect gold to conclude the week with a slight decline," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling gold August futures on rise at Rs 58,300, with a stop loss of Rs 58,500 and a target of Rs 58,000. For Silver July futures also she recommends sell on rise for Rs 68,000, with a stop loss of Rs 69,000 and a target of Rs 66,000. 

In the international market, COMEX gold traded at $1,926.2 per ounce.

Spot gold was flat in the international market and stood at $1,915.4 per ounce.

"US weekly jobless claims rose to 264k, which is the highest level since October 2021. US two-year yields closed 1.51 per cent higher at 4.791 per cent. Ten-year notes settled at 3.791 per cent with yields rising 1.88 per cent. Today is global manufacturing PMI data day; market participants will be looking forward to manufacturing and services PMI data out of UK, Euro-zone and the US," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

He added gold is vulnerable as yields rise amid hawkish Central banks. Support is at $1900/$1870. Resistance is at $1930/$1950.

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

City-wise gold price (24k) in India (June 23, 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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