Gold and Silver price today (October 30, 2023): Precious metals trade higher amid intensified tension in Middle East; should you buy or sell?
Gold and Silver price today (October 30, 2023): MCX gold futures (Dec 5) were up 0.28 per cent or Rs 172 at Rs 61,328 per 10 grams. Check 24k gold price in Mumbai, Delhi and other cities.
Gold and Silver price today (October 30, 2023): Domestic precious metal futures traded positive on Monday amid intensified tensions in the Middle East.
Last seen, MCX gold futures (Dec 5) were up 0.28 per cent or Rs 172 at Rs 61,328 per 10 grams at the last count, having traded between Rs 61,326 and Rs 61,396 earlier in the day. Silver futures (Dec 5) were up 0.82 per cent or Rs 587 at Rs 72,304 per kg.
"The conflict has taken over from the US interest-rate path and Treasury yields as the main price drivers for bullion. Still, rate decisions by major central banks including the Federal Reserve due this week will be watched closely for the impact on borrowing costs which could lead to volatility in prices," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.
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Qureshi recommends buying gold December futures on dips at around 60250, keeping the stop loss at Rs 60,900 and the target at Rs 61,800. For Silver December futures she recommends buying on dips at around Rs 72,000, for a stop loss of Rs 71,000 and target at Rs 74,000.
"Bullion structure looks positive and further upside movement can be seen in the future. Traders are advised to make fresh buy positions in Gold and Silver near the given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.
Khare sees support for Gold December futures at 61100/60800 and resistance at 61500/61700. For Silver December futures he sees support at 71400/70400 and resistance at 72200/73000.
In the international market, COMEX gold was trading 0.68 per cent higher at $2012.3 per ounce.
"The yellow metal is depending on turns of events in the ongoing conflict in the middle East; traders continue to pile up into the safe haven being offered by the metal during present turbulent times," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
Singh sees support at $1995/$1970)$1962 and resistance at $2025/$2050/$2080. He belives investors will continue to treat a drop towards $1970 as a buying opportunity as the war rages on.
Here's an indicative list of spot gold prices in some of the major Indian cities:
City-wise gold price (24k) in India (October 30, 2023)
|Cities||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.)