Gold and Silver price today (November 3, 2023): Precious metals trade in red a day after U.S. Fed paused rate hike
Gold and Silver price today (November 3, 2023): MCX gold futures (Dec 5) were flat at Rs 60,893 per 10 grams at the last count. Here's what analysts suggest.
Gold and Silver price today (November 3, 2023): Domestic precious metal futures traded in red on Friday a day after the U.S. Fed decided to pause the interest rate.
Last seen, MCX gold futures (Dec 5) were flat at Rs 60,893 per 10 grams at the last count, having traded between Rs 60,892 and Rs 60,911 earlier in the day. Silver futures (Dec 5) were down 0.31 per cent or Rs 221 at Rs 71,180 per kg.
"Gold continued to recover yesterday but was set for a weekly decline. Data yesterday showed productivity increasing and labor costs decreasing which might weigh on sentiments for gold. However decline in yields is set to provide support at lower levels as prices are expected to trade steady in day trade today," 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 60,900, keeping the stop loss at Rs 60,500 and a target price of Rs 61,500. For Silver December futures she recommends buying on dips at Rs 71,700, with a stop loss of Rs 70,700 and a target of Rs 73,700.
"Bullion structure is looking positive and we can see some further upside movement in the future. 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 December futures at 60700/60400 and resistance at 61000/61200. For Silver December futures he sees support at 71100/70300 and resistance at 72000/72500.
In the international market, COMEX gold was trading flat at $1993.9 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 (November 3, 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.)