Gold and Silver price today (December 26, 2023): Precious metal trade in green; Gold above Rs 63,100

Gold and Silver price today (December 26, 2023): Domestic precious metal futures traded in the positive territory on Tuesday after US price data came in cooler than forecast, reinforcing expectations for multiple interest rate cuts by the Federal Reserve next year.

Last seen, MCX gold futures (Feb 5) were up Rs 186 or 0.3 per cent at Rs 63,140 per 10 grams at the last count, having traded between Rs 63,101 and Rs 63,149 earlier in the day. MCX Silver futures (Mar 5) were up 0.3 per cent or Rs 229 at Rs 75,615 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying gold February futures on dips at 63,100, keeping the stop loss at Rs 62,800 and a target price of Rs 63,500. 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 showing some profit booking, so traders are advised to book their longs and can make fresh short positions in Gold and Silver near given resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold February futures at 62900/62600 and resistance st 63100/63300. For Silver March futures he sees support at 75000/74700 and resistance at 75700/76300.

In the international market, COMEX gold was up 0.29 per cent at $ 2075.1 per ounce.

"With Federal Reserve’s (Fed) main interest rate at a 22-year high, markets are incredibly eager for the Fed to begin cutting interest rates, and receding US inflation is pinning investor hopes of an accelerated pace of Fed rate cuts in 2024 keeping momentum positive for precious metals heading into the next year," 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 26, 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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