Gold and Silver price today (June 21, 2023): Precious metals trades in red; yellow metal futures hovers near Rs 60,000, Silver above 70,000

Gold and Silver price today (June 21, 2023): MCX gold futures (Aug 4) traded flat at Rs 59,786 per 10 grams. Here's what analysts suggest.

Gold and Silver price today (June 21, 2023): Spot gold was flat in the international market and stood at $1,934.9 per ounce, image- PTI

Gold and Silver price today (June 21, 2023): Yellow metal futures in the domestic market on Wednesday traded flat and hovered near Rs 60,000.

MCX gold futures (Aug 4) traded flat at Rs 59,786 per 10 grams at the last count, having traded between Rs 59,751 and Rs 59,865 earlier in the day. Silver futures (July 5) were down 0.24 per cent or Rs 167 at Rs 70,220 per kg.

"Today, all eyes are on Powell's semi-annual testimony to Congress, which is expected to reinforce his hawkish stance and reassure markets of the central bank's commitment to combating elevated inflation. The possibility of further tightening by the Fed and the European Central Bank has put pressure on gold since their recent meetings. Additionally, a rise in the value of the dollar has dampened demand for the precious metal. We anticipate gold to trade within a narrow range with limited upside potential in day trading leading up to Powell's testimony," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

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Qureshi recommends selling gold August futures on rise at Rs 59,800, with a stop loss of Rs 59,000 and a target of Rs 58,400. For Silver July futures also she recommends sell on rise for Rs 70,500, with a stop loss of Rs 71,500 and a target of Rs 69,000.

In the international market, COMEX gold traded at $1,946.2 per ounce.

Spot gold was flat in the international market and stood at $1,934.9 per ounce.

"Gold slipped despite US yields edging lower. The two-year notes settled at 1.48% at 4.687%. Germany's PPI data trailed the forecast, which also supported the US Dollar. China's 0.10% rate cuts in one-year and five-year Loan prime rates failed to enthuse commodities bulls," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

He added market participants will be looking forward to UK's Consumer Price Index (CPI) data. The major focus will be on Federal Reserve Chair Powell's semi-annual report to the Housing Financial Services Committee. He is likely to be hawkish in his outlook so as to convince investors that the US Central Bank is committed to further hiking rates aggressively. Rebound in yields and the Dollar on hawkish Fedspeak are likely to pressurise gold further.

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

City-wise gold price (24k) in India (June 21, 2023)

City	Gold prices for 24k (10 grams)
Mumbai	Rs 60,965
Delhi	Rs 61,125
Chennai	Rs 61,210
Kolkata	Rs 61,125
Bengaluru	Rs 61,220
Hyderabad	Rs 61,210
Ahmedabad	Rs 61,155
Bhopal	Rs 61,055
Visakhapatnam	Rs 61,250

(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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