Gold and Silver price today (August 29, 2023): Precious metal trade in green; Gold hovers near Rs 59,000 — Check out rates in Mumbai, Delhi and other cities

Gold and Silver price (August 29, 2023): Precious metal futures traded in the green on Tuesday. 

Last seen, MCX gold futures (Oct 5) were up 0.16 per cent or Rs 97 at Rs 58,984 per 10 grams at the last count, having traded between Rs 58,949 and Rs 58,985 earlier in the day. Silver futures (Sept 5) were up Rs 115 or 0.16 per cent at Rs 73,727 per kg.

"Bullion's daily charts are looking attractive, We can see good upside movement in the near future. 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 58700/58400 and resistance at 59100/59300. For Silver September futures he sees support at 73200/72400 and resistance at 74200/75000.

"Spot Gold rose yesterday amid yields declining with US Macro cues indicating Jobs growth may moderate last month which kept the sentiments positive. Markets to also look ahead on PMIs and PCE Inflation numbers due in the week while volatility could remain at higher levels for the week," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 58,800, keeping the stop loss at Rs 58,400 and a target price of Rs 59,200. For Silver Sept future she recommends buy on dips at Rs 73,400, with a stop loss of Rs 72,400 and a target of Rs 75,400. 

In the international market, COMEX gold was up 0.33 per cent at $1,953.4 per ounce.

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

City-wise gold price (24k) in India (August 29, 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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