Gold and Silver price today (October 3, 2023): Precious metal futures trade under pressure; Gold below Rs 57,000
Gold and Silver price today (October 3, 2023): MCX gold futures (Dec 5) were down 1.41 per cent or Rs 812 at Rs 56,788 per 10 grams. Check out 24k gold prices in Mumbai, Delhi and other cities.
Gold and Silver price today (October 3, 2023): Precious metal futures traded under pressure on Tuesday as high US yields and a firmer dollar continue to weigh on the metal prices. Gold below Rs 57,000.
Last seen, MCX gold futures (Dec 5) were down 1.41 per cent or Rs 812 at Rs 56,788 per 10 grams at the last count, having traded between Rs 58,565 and Rs 58,426 earlier in the day. Silver futures (Dec 5) were up 5.22 per cent or Rs 3,647 at Rs 66,210 per kg.
"Gold has been in a panic selling mode after Global ETFs and hedge funds have started pulling out from the yellow metal on economic resilience & hawkish fed weighing on the sentiments. Silver has also plunged on rising yields & soaring dollar amid the US Government averting shutdown also weighing on sentiments. Meanwhile, we anticipate high volatility to persist in prices until the release of the US Payrolls report due Friday, while prices may look to physiological levels of $ 1800 per ounce for the week in spot markets," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.
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Qureshi recommends selling Gold December futures on the rise at 56,800, keeping the stock loss at Rs 57,300 and a target price of Rs 56,200. For Silver December futures she recommends selling on the rise at Rs 67,500, with a stop loss of Rs 69,000 and a target of Rs 65,000.
In the international market, COMEX gold was down 0.77 per cent at $1,832.8 per ounce.
"Gold is expected to continue to remain under pressure on elevated yields and firm Dollar as safe haven flows are missing," 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 3, 2023)
|City||Gold prices for 24k (10 grams)|
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)