Gold and Silver price today (August 9, 2023): Precious metals trade in green after Moody's downgrades 10 US regional banks

Gold and Silver price today (August 9, 2023): Yellow metal futures on Wednesday traded marginally higher after credit rating agency Moody's downgraded 10 US regional banks which lead to a wider market fall and boosted the safe-haven demand.

Last seen, MCX gold futures (Oct 5) were up 0.17 per cent or Rs 101 at Rs 59,349 per 10 grams at the last count, having traded between Rs 59,295 and Rs 59,356 earlier in the day. Silver futures (Sept 5) were up 0.48 per cent or Rs 334 at Rs 70,550 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 given support level," said Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL).

He sees resistance at the support level of 59200/58900 and Resistance 59700/59900 for gold October futures and support 70000/69400 and Resistance 71000/71500 for Silver September.

"Overall expectations remain of limited upside ahead of same due to be released tomorrow. However, on a longer-term perspective of the next few months, economic concerns may continue to mount and asset volatility to a long – factors that should help underpin investor interest in gold," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold August futures on dips at 59,300, keeping the stop loss at Rs 59,000 and a target price of Rs 59,800. For Silver July future she recommends buy on dips at Rs 70,450, with a stop loss of Rs 69,000 and a target of Rs 72,400. 

In the international market, COMEX gold traded up 0.29 per cent at $1,965.4 per ounce.

"Investors look forward to the UK's Q2 GDP data being released today. That the yellow metal fell in a risk-off environment reflects weakness in the metal.  Support is at $1915/$1890, while resistance is at $1930/$1950/$1965," 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 9, 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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