Gold and Silver price today (September 21, 2023): Precious metals trade lower after hawkish FOMC monetary policy commentary
Gold and Silver price today (September 21, 2023): MCX gold futures (Oct 5) were down 0.61 per cent or Rs 361 at Rs 59,044 per 10 grams. Here's what analysts suggest.
Gold and Silver price today (September 21, 2023): Yellow metal futures traded lower on Thursday after the hawkish FOMC monetary policy outcome. Gold held the Rs 59,000 level and Silver was over Rs 72,200.
Last seen, MCX gold futures (Oct 5) were down 0.61 per cent or Rs 361 at Rs 59,044 per 10 grams at the last count, having traded between Rs 58,004 and Rs 58,315 earlier in the day. Silver futures (Dec 5) were down 1.29 per cent or Rs 947 at Rs 72,283 per kg.
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"Bullion's daily charts are looking good and making a bottom, Momentum Indicator RSI also indicating the same, We can see a gap down opening. Traders should grab this opportunity and are advised to make fresh buy positions in Gold and Silver near the given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.
Khare sees support for gold October futures at 58900/58650 and resistance at 59500/59600. For Silver December futures he sees support at 72000/71300 and resistance at 73300/73600.
In the international market, COMEX gold was down 0.99 per cent at $1,947.7 per ounce.
"Today, markets will be closely watching the Bank of England's monetary policy decision. A dovish 25 bps hike will further pressurise the Sterling Pound. Gold is vulnerable on stretched valuation as yields and the Dollar rise on the resilient US economy. Support is at $1915/$1900. Resistance is at $1950/$1965," 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 (September 21, 2023)
|City||Gold prices for 24k (10 grams)|
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)