Gold and Silver price today (September 14, 2023): Precious metals trade in red; Gold near Rs 59,000; Silver above Rs 71,000

Gold and Silver price today (September 14, 2023): Precious metal futures traded in red on Thursday after the US released its Consumer Price Index (CPI) inflation data. Gold hovered near Rs 59,000 and Silver was over Rs 71,000.

Last seen, MCX gold futures (Oct 5) were flat at Rs 58,548 per 10 grams at the last count, having traded between Rs 58,546 and Rs 58,550 earlier in the day. Silver futures (Dec 5) were down 0.36 per cent or Rs 259 at Rs 71,160 per kg.

"Overall slight ease in dollar index and yields overnight could keep gold mildly positive to sideways ahead of US PPI data due today," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold October futures on rise at 58,600, keeping the stop loss at Rs 59,000 and a target price of Rs 58,000. For Silver December futures she recommends sell on rise at Rs 71,500, with a stop loss of Rs 72,500 and a target of Rs 70,000.

"Bullion's daily charts are making bottom and trading near the demand zone and 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 October futures at 58500/58300 and resistance at 58800/59000. For Silver December futures he sees support at 71200/70400 and resistance at 72300/73000.

In the international market, COMEX gold was flat at $1,930.7 per ounce.

"Gold is expected to be range-bound with a slight bearish bias ahead of the US retail sales data and the European Bank monetary policy. Support is at $1900/$1885. Resistance is at $1932/$1955," 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 (September 14, 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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