Gold and Silver price today (October 5, 2023): Precious metal futures snapped the seven-day losing streak on Thursday and edged higher after the US yields cooled off. 

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Last seen, MCX gold futures (Dec 5) were up 0.22 per cent or Rs 127 at Rs 56,848 per 10 grams at the last count, having traded between Rs 58,844 and Rs 58,853 earlier in the day. Silver futures (Dec 5) were up 0.75 per cent or Rs 500 at Rs 67,385 per kg.

"Overall we continue to anticipate volatility in Gold with cautious rebound ahead of non-farm payrolls report due tomorrow," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold December futures on the rise at 56,800, keeping the stock loss at Rs 57,6300 and a target price of Rs 56,000. For Silver December futures she recommends selling on the rise at Rs 67,300, with a stop loss of Rs 69,000 and a target of Rs 64,500. 

"Bullion is trading at a highly oversold zone, anytime a good short covering rally is possible. 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 56600/56400 and resistance at 57000/57200. For Silver December futures he sees support at 66500/65800 and resistance at 68000/68500.

In the international market, COMEX gold was up 0.37 per cent at $1,841.6 per ounce.

"Investment demand for gold remains anemic as the total known global gold ETF holdings fell for the third straight day to a fresh cycle low. Support is at $1815/$1800 and resistance is at $1850/$1858," 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 5, 2023)

Cities Gold prices for 24k (10 grams)
Mumbai Rs 58,215
Delhi Rs 58,385
Chennai Rs 58,340
Kolkata Rs 58,470
Bengaluru Rs 58,470
Hyderabad Rs 58,350
Ahmedabad Rs 58,415
Bhopal Rs 58,280
Visakhapatnam Rs 58,350
Jaipur Rs 58,215
Lucknow Rs 58,520
Coimbatore Rs 58,370
Madurai Rs 58,470

(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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