Gold and Silver price today (August 3, 2023): Precious metals trade under pressure as the US treasury yields rose

Gold and Silver price today (August 3, 2023): Gold and silver futures were under pressure on Thursday. Rising US treasury yields and encouraging US ADP data for July (324k Vs the forecast of 290k) weighed on the Commodities complex. MCX gold futures (October 5) were flat with minor losses at Rs 59,439 per 10 grams at the last count, having traded between Rs 59,373 and Rs 59,439 earlier in the day.

Silver futures (September 5) were down by Rs 329 or 0.49 per cent at Rs 72,631 per kg. 

"Bullion's daily charts are trading at the demand zone, good upside movement is possible 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.

In the international market, COMEX gold traded 0.17 per cent lower at $1,971.7 per ounce.

"A strong US non-manufacturing ISM report may further pressurize the yellow metal as the outlook is weak. Immediate support is at $1935 followed by $1918; the next major support is at $1890. Resistance is at $1950/$1965," said Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

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