Gold and Silver price today (August 1, 2023): Precious metal futures trade in red; Gold hovers near Rs 60,000

Gold and Silver price today (August 1, 2023): Precious metal futures in the domestic market on Tuesday traded lower.  

Last seen, MCX gold futures (Oct 5) were down 0.36 per cent or Rs 214 at Rs 59,868 per 10 grams at the last count, having traded between Rs 59,841 and Rs 59,930 earlier in the day. Silver futures (Sept 5) were down 0.42 per cent or Rs 317 at Rs 75,110 per kg. 

"MCX Gold and Silver gave positive closing yesterday, October Gold closed at 60082(0.50 per cent) and September Silver closed at 75427(1.84 per cent), Bullions daily charts are looking attractive, Good upside movement is possible in the near future,  Momentum Indicator RSI also indicating the same, So traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold August Support 59800/59500 and Resistance 60100/60300. Silver September Support 74700/74000 and Resistance 75500/76000," said Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL).

In the international market, COMEX gold traded at $1,999.4 per ounce.

Spot gold was down 0.21 per cent in the international market and stood at $1,961.3 per ounce.

"Gold is expected to be range-bound, though intrinsic fundamentals are not so supportive. Total known ETF gold holdings have fallen for nine straight weeks. This week's US data, especially ISM non-manufacturing and monthly job data, will be crucial for the yellow metal. Support is at $1950/$1935, while resistance is seen at $1975/$1987," 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 1, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.