Gold and Silver price today (December 21, 2023): Precious metals trade in red; Gold below Rs 62,450

Gold and Silver price today (December 21, 2023): Domestic precious metal futures traded in the red on Thursday as bond yields recouped some losses after fresh data on US existing home sales and consumer confidence.

Last seen, MCX gold futures (Feb 5) were flat with a negative bias at Rs 62,412 per 10 grams at the last count, having traded between Rs 62,400 and Rs 62,429 earlier in the day. MCX Silver futures (Mar 5) were down 0.23 per cent or Rs 177 at Rs 75,309 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying gold February futures on dips at 62,400, keeping the stop loss at Rs 61,900 and a target price of Rs 63,000. For silver March futures she recommends buying on dips at Rs 75,400, with a stop loss of Rs 74,400 and a target of Rs 77,400.

"Bullions are now showing some profit booking, so traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistance level one with the stop loss of resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold February futures at 62200/62000 and resistance at 62600/62850. For Silver March futures he sees support at 74700/74000 and at resistance 75600/76300.

In the international market, COMEX gold was flat with a positive bias at $ 2047.9 per ounce.

"Overall, we anticipate consolidated moves in Gold with a positive bias while prices may turn volatile after the release of GDP numbers due tonight," said Anand Rathi Commodities & Currencies's Qureshi. 

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

City-wise gold price (24k) in India (December 21, 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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