Gold and Silver price today (September 20, 2023): Yellow metal trades flat ahead of U.S. Feds policy decision

Gold and Silver price today (September 20, 2023): Yellow metal futures traded on a subdued note on Wednesday ahead of the U.S. Federal Reserve's policy meeting. Gold was above Rs 59,200 and Silver was over Rs 72,200.

Last seen, MCX gold futures (Oct 5) were flat at Rs 59,238 per 10 grams at the last count, having traded between Rs 58,222 and Rs 58,238 earlier in the day. Silver futures (Dec 5) were down 0.38 per cent or Rs 279 at Rs 72,290 per kg.

"Bullion's daily charts are looking good and making a bottom, trading near the demand zone. Thus, traders are advised to make fresh buy positions in Gold and Silver near given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold October futures at 59080/58900 and resistance at 59300/59500. For Silver December futures he sees support at 72000/71400 and resistance at 72700/73100. 

"Moving ahead with crucial FOMC Fed interest rate decision looming later today, a hawkish pause remains likely in the meeting. However, any hints of a rate hike in the next 2 meetings could keep the dollar elevated which could weigh on the bullion complex. Also, China lifting temporary curbs on Imports of Gold could likely keep Gold prices cautious in early trade today. Expect high volatility in prices in evening trade," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold October futures on dips at 59,100, keeping the stop loss at Rs 58,800 and a target price of Rs 59,400. For Silver December futures she recommends buy on dips at Rs 72,100, with a stop loss of Rs 71,100 and a target of Rs 75,100.

In the international market, COMEX gold was up flat at $1,952 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 (September 20, 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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