Gold and Silver price today (October 13, 2023): Precious metal trade in green; Gold near 58,000; Silver above Rs 69,300

Gold and Silver price today (October 13, 2023): Domestic precious metal futures traded with an uptick on Friday as the US Consumer Price Index (CPI) suggested that inflation concerns remain in place for short-term perspective due to elevated Crude and Gasoline prices.

Last seen, MCX gold futures (Dec 5) were up Rs 56 or 0.1 per cent at Rs 57,974 per 10 grams at the last count, having traded between Rs 57,970 and Rs 57,974 earlier in the day. Silver futures (Dec 5) were up 0.38 per cent or Rs 263 at Rs 69,337 per kg.

"Concerns on declining consumer sentiments to be witnessed in today's macroeconomic data & tightening lending conditions persisting due to higher lending rates may keep gold supportive at lower levels as supports persist at around 1870 -1868 $ per ounce zone (CMP $ 1875) for day trade today," 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 58,500. For Silver December futures she recommends buying on dips at Rs 69,300, with a stop loss of Rs 68,300 and a target of Rs 71,300.

"Bullion is making the bottom and a good short covering rally can be seen so traders are advised to make fresh buy positions in Gold and Silver near given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold December futures at 57800/57500 and resistance at 58100/58200. For Silver December futures he sees support at 69000/68000 and resistance at 70000/71000.

In the international market, COMEX gold was 0.13  per cent at $1885.4 per ounce.

"The US CPI data impact may be blunted to some extent by recent dovish Fedspeak; however, the US yields and Dollar Index may gain further upward traction in case major US data are encouraging. It will be interesting to hear the Fed officials for their views after the CPI data, 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 (October 13, 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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