Gold and Silver price today (December 15, 2023): Precious metals extend gains a day after Fed signals to relax interest rate

Gold and Silver price today (December 15, 2023): Domestic precious metal futures edged higher on Friday a day after the US Fed flagged the end of its tightening cycle and struck a dovish tone on the interest rate outlook.

Last seen, MCX gold futures (Feb 5) were up 0.15 per cent or Rs 96 at Rs 62,550 per 10 grams at the last count, having traded between Rs 62,479 and Rs 62,559 earlier in the day. MCX Silver futures (Mar 5) were up 0.1 per cent or Rs 75 at Rs 75,151 per kg.

"With monetary loosening now definitively on the agenda, gold traders will be watching for the return of big-money investors who could set the stage for a more sustainable rally after two years on the sidelines. They long shunned non-interest-bearing bullion, as inflation-adjusted Treasury yields surged to the highest since the financial crisis. Overall, expect gold sentiment to have a positive bias in day trade today," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold February futures on dips at 62,2300, keeping the stop loss at Rs 62,100 and a target price of Rs 62,700. For silver March futures she recommends buying on dips at Rs 75,000, with a stop loss of Rs 74,000 and a target of Rs 76,500.

In the international market, COMEX gold was up 0.28 per cent at $ 2050.7 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 (December 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.)

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.