Gold and Silver price (September 8, 2023): Precious metals trade higher— Check out gold prices in Mumbai, Delhi and other cities

Gold and Silver price (September 8, 2023): Precious metal futures traded higher in the morning deals on Friday. Gold traded flat above Rs 59,000 and Silver was over Rs 72,000.

Last seen, MCX gold futures (Oct 5) were up 0.26 per cent or Rs 152 at Rs 59,150 per 10 grams at the last count, having traded between Rs 59,103 and Rs 59,154 earlier in the day. Silver futures (Dec 5) were up 0.38 per cent or Rs 270 at Rs 72,040 per kg.

"Possibilities of rate hikes in November fed meet have been gradually increasing while focus now shifts to August CPI data to be released next week on 13th Sept which could keep sharp upside limited. Overall prices are expected to remain volatile to positively biased towards the end of the week," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold October futures on rise at 59,150, keeping the stock loss at Rs 59,350 and a target price of Rs 58,800. For Silver December future she recommends selling on rise at Rs 72,500, with a stop loss of Rs 73,500 and a target of Rs 70,500. 

"Bullion's daily charts are looking good trading near demand Zone. 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 58850/58600 and resistance at 59100/59300. For Silver December futures he sees support at 71500/70700 and resistance at 72300/73000.

In the international market, COMEX gold was up by 0.34 per cent at $1,949.2 per ounce.

"Gold is vulnerable as the yields continue to remain elevated. Support is at $1915/$1900/$1885 and resistance is at $1933/$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 8, 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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