Gold and Silver price today (November 1, 2023): Precious metals trade lower; should you buy or sell?
Gold and Silver price today (November 1, 2023): MCX gold futures (Dec 5) were down 0.32 per cent or Rs 195 at Rs 60,745 per 10 grams. Should you buy or sell?
Gold and Silver price today (November 1, 2023): Domestic precious metal futures traded under pressure on Wednesday continuing the previous day's correction.
Last seen, MCX gold futures (Dec 5) were down 0.32 per cent or Rs 195 at Rs 60,745 per 10 grams at the last count, having traded between Rs 60,731 and Rs 60,820 earlier in the day. Silver futures (Dec 5) were down 0.69 per cent or Rs 492 at Rs 71,177 per kg.
"With Indian retail demand also expected to remain limited as prices trade above Rs. 60,000 per 10 gm levels on MCX as compared to around Rs. 51,000 per 10 gm in October last year, could weigh on sentiments. Overall prices could remain negatively biased ahead of the event scheduled late at night," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.
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Qureshi recommends selling Gold December futures on rise at 60,950, keeping the stop loss at Rs 61,200 and a target price of Rs 61,500. For Silver December futures she recommends sell on rise at Rs 71,500, with a stop loss of Rs 72,500 and a target of Rs 70,000.
In the international market, COMEX gold was trading down 0.38 per cent at $1986.7 per ounce.
"Gold will face downside pressure unless the conflict broadens. Support is at $1970/$1962. Resistance is at $2010/$2025," 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 (November 1, 2023)
|Cities||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.)