Gold and Silver price (September 6, 2023): Yellow metal traded under pressure as the US treasuries tumbled, thus pushing yields higher, which in turn boosted the US Dollar index.

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Last seen, MCX gold futures (Oct 5) were down 0.11 per cent or Rs 63 at Rs 59,180 per 10 grams at the last count, having traded between Rs 59,165 and Rs 59,180 earlier in the day. Silver futures (Dec 5) were flat at Rs 73,480 per kg.

"At MCX, gold is having support at 59100-58950 and resistance at 59380-59550 while silver is having support at 73000-72650 and resistance at 73850-74200. We suggest selling gold around 59400 with a stop loss of 59565 for the target of 59100," said Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart.

"Bullion's daily charts are looking weak. Traders are advised to book their long positions and can make fresh short positions in Gold and Silver near the given resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold October futures at 59200/59000 and resistance at 59500/59700. For Silver December futures he sees support at 73000/72500 and resistance at 74000/74600.

In the international market, COMEX gold was flat at $1,951 per ounce.

"Stronger than expected US ISM services data will weigh further on gold. Support is at $ 1915/$1900, while resistance is at $1955/$1965. Weaker than expected data may help gold erase some of its recent losses," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

"Gold has support at $1945-1934, while resistance at $1966-1978 per troy ounce," said Jain.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (September 6, 2023)

City Gold prices for 24k (10 grams)
Mumbai Rs 61,060
Delhi Rs 61,185
Chennai Rs 61,190
Kolkata Rs 61,140
Bengaluru Rs 61,215
Hyderabad Rs 61,190
Ahmedabad Rs 61,210
Bhopal Rs 61,065
Visakhapatnam Rs 61,190
Jaipur Rs 61,060
Lucknow Rs 61,020
Coimbatore Rs 61,250
Madurai Rs 61,250

(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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