Gold and Silver price today (October 12, 2023): Precious metals trade in green amid continued tensions in Middle East

Gold and Silver price today (October 12, 2023): Domestic precious metal futures traded in green on Thursday amid continued tensions in Middle East. 

Last seen, MCX gold futures (Dec 5) were up Rs 123 or 0.21 per cent at Rs 58,063 per 10 grams at the last count, having traded between Rs 58,023 and Rs 58,075 earlier in the day. Silver futures (Dec 5) were up 0.36 per cent or Rs 247 at Rs 69,673 per kg.

"An increase in safe-haven demand due to geopolitical tensions related to Hamas is influencing the market. The release of today’s US CPI numbers which is likely to show higher than expected numbers as crude oil remains elevated, makes the case for interest rates to stay higher for longer, dimming the appeal of Gold in the near term perspective," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold December futures on dips at 58,000, keeping the stop loss at Rs 57,700 and a target price of Rs 58,800. For Silver December futures she recommends buying on dips at Rs 69,500, with a stop loss of Rs 68,500 and a target of Rs 71,500.

In the international market, COMEX gold was up 0.16 per cent at $1890.4 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 (October 12, 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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