Gold and Silver rate today (June 16, 2023): Yellow metal trades flat, Silver above Rs 72,000 - check out city wise prices in Mumbai, Delhi and other cities

Gold and Silver price today (June 16, 2023): Yellow metal futures in the domestic market on Friday traded flat. Silver futures was above Rs 72,000.

MCX gold futures (Aug 4) traded flat at Rs 59,308 per 10 grams at the last count, having traded between Rs 59,234 and Rs 59,390 earlier in the day. Silver futures (July 5) were up 0.16 per cent or Rs 113 at Rs 72,239 per kg. 

"MCX Gold, which experienced a correction to around Rs. 58,600 per 10 grams during the week, made a recovery and surpassed the Rs. 59,000 level. This recovery was triggered by weakened jobless claims and industrial production numbers, which raised concerns about the struggling economy's ability to gain traction despite hawkish expectations from the US Federal Reserve," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She added throughout the week, prices successfully maintained a weekly trading range of Rs. 58,400 to Rs. 61,020 per 10 grams, as mentioned in our outlook earlier this week. Looking ahead, we anticipate a limited downside for the yellow metal as the US dollar weakens significantly, and it is expected to end the week lower. These factors contribute to a supportive sentiment for gold in the upcoming week.

Qureshi recommends selling gold August futures on rise at Rs 59,400, with a stop loss of Rs 59,400 and a target of Rs 59,000. For Silver July futures also she recommends sell on rise for Rs 72,500, with a stop loss of Rs 73,500 and a target of Rs 70,500. 

In the international market, COMEX gold traded at $1,969 per ounce.

Spot gold was flat in the international market and stood at $1957.5 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 (June 16, 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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