Gold and Silver price today (October 17, 2023): Precious metals trade under pressure amid diplomatic efforts to stifle Middle East conflict
Gold and Silver price today (October 17, 2023): MCX gold futures (Dec 5) were down Rs 131 or 0.22 per cent at Rs 59,035 per 10 grams. Here's what analysts suggest.
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Gold and Silver price today (October 17, 2023): Domestic precious metal futures traded in red on Tuesday amid diplomatic efforts to stifle the ongoing conflict in the Middle East.
Last seen, MCX gold futures (Dec 5) were down Rs 131 or 0.22 per cent at Rs 59,035 per 10 grams at the last count, having traded between Rs 59,000 and Rs 59,166 earlier in the day. Silver futures (Dec 5) were down 0.36 per cent or Rs 255 at Rs 70,782 per kg.
"We anticipate prices to find supports at lower levels at around $1870 – 1860 in a spot in medium-term perspective (Spot CMP $ 1911 per ounce) as signs of tightening lending conditions in the US due to higher interest rates persist amid China slowdown concerns and persistent central bank demand to emerge in the coming months," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.
Qureshi recommends buying Gold December futures on dips at 59,300, keeping the stop loss at Rs 59,000 and a target price of Rs 59,700. For Silver December futures she recommends buying on dips at Rs 71,500, with a stop loss of Rs 70,500 and a target of Rs 73,500.
"Bullion is showing some profit booking and correction in the coming future. Traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.
Khare sees support for Gold December futures at 58900/58700 and resistance at 59200/59500. For Silver December futures he sees support at 70000/69000 and resistance at 71200/72200.
In the international market, COMEX gold was down 0.34 per cent at $1927.7 per ounce.
"Today's data calendar includes the US retail sales, industrial production, NAHB housing market Index; the UK's employment report; and the Euro-zone's and Germany's ZEW Survey expectations. However, data may not influence the metal much as the focus remains on geopolitical factors. Support is at $1900, whereas resistance is at $1950, 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 17, 2023)
Cities | Gold prices for 24k (10 grams) |
Mumbai | Rs 60,825 |
Delhi | Rs 60,935 |
Chennai | Rs 60,940 |
Kolkata | Rs 60,935 |
Bengaluru | Rs 60,930 |
Hyderabad | Rs 60,950 |
Ahmedabad | Rs 60,955 |
Bhopal | Rs 60,800 |
Visakhapatnam | Rs 60,970 |
Jaipur | Rs 60,825 |
Lucknow | Rs 61,055 |
Coimbatore | Rs 60,990 |
Madurai | Rs 60,945 |
(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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