Gold and Silver price today (November 17, 2023): Precious metals trade in green; Gold above Rs 60,800; Silver above Rs 73,350
Gold and Silver price today (November 17, 2023): MCX gold futures (Dec 5) were up Rs 84 or 0.14 per cent at Rs 60,806 per 10 grams. Check out 24k gold price in Mumbai, Delhi and other cities
Gold and Silver price today (November 17, 2023): Domestic precious metal futures traded in the green on Friday, tracking spot gold as soft US economic data fueled optimism that the Federal Reserve’s most- aggressive hiking campaign in decades is at an end.
Last seen, MCX gold futures (Dec 5) were up Rs 84 or 0.14 per cent at Rs 60,806 per 10 grams at the last count, having traded between Rs 60,686 and Rs 60,850 earlier in the day. Silver futures (Dec 5) were flat with a positive bias at Rs 73,380 per kg.
"Gold might continue to consolidate and trade steady amid weaker Jobs data to fuel bets of pause in rate hikes with treasury yields and dollar weakness to prompt buying at lower levels. Overall prices are expected to finish the week higher after a decline seen in the last week," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.
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Qureshi recommends buying gold December futures on dips at 60,700, keeping the stop loss at Rs 60,300 and a target price of Rs 61,200. For Silver December futures she recommends buying on dips at Rs 73,300, with a stop loss of Rs 72,300 and a target of Rs 75,300.
"Bullion is trading near supply zone showing some profit booking, so traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.
Khare sees support for Gold December futures at 60400/60200 and resistance at 60800/61000. For Silver December futures he sees support at 60400/60200 and resistance at 60800/61000.
In the international market, COMEX gold was flat with a positive bias at $1988.4 per ounce.
"Today's major data include the Euro-zone's CPI, UK's retail sales and US housing starts. Gold will need further weakness in the US data on a consistent basis to overcome stiff resistance in the $1995-$2000 zone. Support is at $1975/$1960," 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 17, 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.)