Gold and Silver price today (August 10, 2023): Precious metal trade flat as the RBI keeps the repo rate unchanged

Gold and Silver price today (August 10, 2023): Precious metal futures on Thursday traded flat as the Reserve Bank of India (RBI) keeps the repo rate unchanged.

Last seen, MCX gold futures (Oct 5) were flat at Rs 59,020 per 10 grams at the last count, having traded between Rs 58,959 and Rs 59,130 earlier in the day. Silver futures (Sept 5) were flat at Rs 70,025 per kg. 

"Overall Core inflation is expected to edge down while CME Fed funds tool an interest rate probability tracker, only shows a 13 % probability of further hike in interest rates which is closely followed indicator for further direction in precious metals complex," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 59,000, keeping the stop loss at Rs 59,300 and a target price of Rs 58,600. For Silver July future she recommends sell on rise at Rs 69,900, with a stop loss of Rs 71,000 and a target of Rs 68,000. 

"Bullion's daily charts are trading near the oversold zone, any time we can see a short covering rally. 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).

He sees resistance at the support level of 58900/58700 and Resistance 59200/59500 for gold October futures and support 69500/69000 and Resistance 70500/71000 for Silver September.

In the international market, COMEX gold traded flat at $1,951.3 per ounce.

"Today's US CPI inflation data for July will be crucial for the metal. Softer than expected CPI data may support the metal prices to some extent. However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat. The Citi Suprise Index has reached a 28-month high. Support is at $1900/$1890. Resistance is at $1930/$1950," 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 10, 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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