Gold and Silver price (August 31, 2023): Yellow metal above Rs 59,000 — Check out Gold prices in Mumbai, Delhi and other cities

Gold and Silver price (August 31, 2023): Yellow metal futures traded flat but in green on Thursday, whereas Silver futures traded lower in the morning deals. 

Last seen, MCX gold futures (Oct 5) were up flat at Rs 59,465 per 10 grams at the last count, having traded between Rs 59,282 and Rs 59,325 earlier in the day. Silver futures (Sept 5) were down Rs 147 or 0.19 per cent at Rs 76,133 per kg.

"Spot Gold continued to extend its advance as the latest GDP report from the US showed the country's economy expanded less than initially projected in the second quarter, while ADP and the JOLTs releases suggested further cooling in the labor market which kept the sentiments supportive. However focus now shifts to the US PCE Index along with the payrolls report due Friday. The slowdown seen in private sector hiring could likely keep payroll growth moderate which could again keep sentiments positive for precious metals. However volatility may persist since gold had already risen more than 3 per cent around weekly highs so far in Spot this week," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 59,300, keeping the stop loss at Rs 59,000 and a target price of Rs 59,600. For Silver July future she recommends buy on dips at Rs 76,00, with a stop loss of Rs 75,000 and a target of Rs 78,000. 

In the international market, COMEX gold was flat at $1,972.2 per ounce.

"Outlook of the yellow metal has become somewhat more favourable than it was a week before; however resistance zone of $1950-$1957 is a tough nut to crack for the bulls. Support is at $1930, followed by $1910," 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 (August 31, 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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