Gold and Silver price today (June 30, 2023): Yellow metal trades flat; Silver near Rs 70,000, should you buy?

Gold and Silver price today (June 30, 2023): Yellow metal futures in the domestic market on Friday traded flat with Gold near Rs 58,000 and Silver near Rs 70,000. 

MCX gold futures (Aug 4) traded flat at Rs 57,982 per 10 grams at the last count, having traded between Rs 58,162 and Rs 58,190 earlier in the day. Silver futures (July 5) were down 0.15 per cent or Rs 104 at Rs 69,700 per kg. 

"Gold prices are expected to decrease on a weekly basis, with the metal finding support around $1,890 per ounce. Silver has also lost value as traders pay attention to the rising treasury yields and the strengthening of the US dollar. From a technical perspective, silver may face a test of support in the range of $22.00 to $22.20 if treasury yields continue to rise in the coming week," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 58,000, keeping the stock loss at Rs 58,200 and a target price of Rs 57,600. For Silver July future she recommends sell on rise at Rs 70,000, with a stop loss of Rs 71,000 and a target of Rs 68,000. 

In the international market, COMEX gold traded at $1,916.7 per ounce.

Spot gold was up 0.29 per cent in the international market and stood at $1,908.2 per ounce.

"Today's US data include real personal spending (May), PCE core deflator (May), and University of Michigan sentiment and inflation expectations data. Gold is vulnerable as yields rise on hawkish Federal Reserve and continuation of the upside surprise in the US data. The US recession is likely to be delayed; interest rates are expected to be higher for longer. Bears look for a test of support at $1870. Resistance is seen in $1940-$1950 zone," 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 30, 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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