Gold and Silver price today (November 8, 2023): Yellow metal trades positive above Rs 60,400

Gold and Silver price today (November 8, 2023): Domestic yellow metal futures traded in green on Wednesday.

Last seen, MCX gold futures (Dec 5) were up Rs 92 or 0.15 per cent at Rs 60,439 per 10 grams at the last count, having traded between Rs 60,396 and Rs 60,440 earlier in the day. Silver futures (Dec 5) were flat at Rs 70,6244 per kg.

"Gold had bounced temporarily from its support levels around $ 1963 per ounce in spot to trade around $ 1974 per ounce. Traders are also keeping a close eye on whether the Federal Reserve has finished its rate hiking cycle as two Federal Reserve officials had emphasised on bringing inflation fully down to the central bank’s 2 per cent goal amid signs that the economy & labor market are holding up. We continue to anticipate range-bound trade in gold for the day amid lack of macro cues from the US," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold December futures on rise at 60,350, keeping the stop loss at Rs 60,700 and a target price of Rs 60,000. For Silver December futures she recommends selling on rise at Rs 70,800, with a stop loss of Rs 71,800 and a target of Rs 69,000.

In the international market, COMEX gold was trading flat at $1974.1 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 8, 2023)

(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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