Gold and Silver price today (December 14, 2023): Precious metals edge higher after US Fed holds rate steady

Gold and Silver price today (December 14, 2023): MCX gold futures (Feb 5) were up 2.11 per cent or Rs 1291 at Rs 62,490 per 10 grams. Check out 24k gold prices in Mumbai, Delhi and other cities.

Representative image. Source: Reuters

Gold and Silver price today (December 14, 2023): Domestic precious metal futures traded in the firm green on Thursday after the US Fed flagged the end of its tightening cycle and struck a dovish tone on the interest rate outlook.

Last seen, MCX gold futures (Feb 5) were up 2.11 per cent or Rs 1291 at Rs 62,490 per 10 grams at the last count, having traded between Rs 61,391 and Rs 62,628 earlier in the day. MCX Silver futures (Mar 5) were up 4.06 per cent or Rs 2,903 at Rs 74,435 per kg.

"For Gold prices, Christmas had arrived a little early with prices soaring in overnight trade as the Fed sounded dovish in its meet yesterday. Supports of $ 1975 – 1970 per ounce given yesterday were successfully respected as prices bounced back again above $ 2000 levels per ounce. While 75bp less than markets priced ahead of time, it has emboldened expectations for big rate cuts in 2024. Overall, a firm opening on MCX today with positive sentiments to dominate in the precious metals complex," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

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Qureshi recommends buying gold February futures on dips at 62,200, keeping the stop loss at Rs 62,000 and a target price of Rs 62,600. For silver March futures she recommends buying on dips at Rs 74,000, with a stop loss of Rs 73,000 and a target of Rs 76,000.

"Bullions are trading near the demand zone after yesterday FOMC kept key rates unchanged and signalled three rate cuts in 2024. So the fundamentals are positive for the market. Traders 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 February futures at 61000/60800 and resistance at 61600/62000. For silver March futures he sees support at 71400/70600 and resistance at 72500/73500.

In the international market, COMEX gold was up 2.54 per cent at $ 2047.8 per ounce.

"Gold prices have risen almost 10 per cent in International markets and almost 15 per cent in Indian markets. Gold has created a triple top resistance around $2080 ( Rs 63,000) in the last three years. In 2023, Gold prices attempted to clear this resistance for a single day to touch $2150 (Rs 64,500), but did not sustain. A lot of positive news, follow-through buying, and fear would be required for prices to surpass that level. Once it does, though, the possibility is that the bull run won't end until $2250–$2300 (Rs 68000–Rs 69000). While on the downside, prices have formed a base around $1900 (Rs 58,000), which would act as the floor of this bull run," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL).

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

City-wise gold price (24k) in India (December 14, 2023)

Cities	Gold prices for 24k (10 grams)
Mumbai	Rs 62,885
Delhi	Rs 62,950
Chennai	Rs 63,005
Kolkata	Rs 63,035
Bengaluru	Rs 63,035
Hyderabad	Rs 63,005
Ahmedabad	Rs 63,020
Bhopal	Rs 62,855
Visakhapatnam	Rs 63,005
Jaipur	Rs 62,890
Lucknow	Rs 62,985
Coimbatore	Rs 63,090
Madurai	Rs 63,065

(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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