Gold and Silver price today (November 7, 2023): Precious metal trade lower amid contained conflict in the Middle East; Gold below Rs 60,600

Gold and Silver price today (November 7, 2023): Domestic precious metal futures traded in red on Tuesday after the contained conflict in the Middle East between Israel and Hamas has prompted outflows from the yellow metal. 

Last seen, MCX gold futures (Dec 5) were down Rs 218 or 0.36 per cent at Rs 60,552 per 10 grams at the last count, having traded between Rs 60,513 and Rs 60,597 earlier in the day. Silver futures (Dec 5) were down 0.75 per cent or Rs 544 at Rs 71,573 per kg.

"Overall, Gold may continue to offer limited upside in day trade today amid supports to be witnessed around $ 1965 – 1963 per ounce levels in spot (CMP $ 1973)," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold December futures on rise at 60,750, keeping the stop loss at Rs 61,100 and a target price of Rs 60,200. For Silver December futures she recommends selling on rise at Rs 72,000, with a stop loss of Rs 73,000 and a target of Rs 70,000.

"Bullion structure looks positive and some further upside movement can be seen in the near-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 60500/60300 and resistance at 61000/61200. For Silver December futures he sees support at 71500/70500 and resistance at 72500/73000.

In the international market, COMEX gold was trading lower by 0.47 per cent at $1979.3 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 7, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.