Gold and Silver price today (December 1, 2023): Precious metal trade in green; yellow metal above Rs 62,600

Gold and Silver price today (December 1, 2023): Domestic yellow metal futures traded flat with a positive bias on Friday, after a five-day rally that pushed the precious metal close to an all-time high as US inflation and jobs data continued to indicate the economy is cooling.

Last seen, MCX gold futures (Dec 5) were flat at Rs 62,672 per 10 grams at the last count, having traded between Rs 62,596 and Rs 62,786 earlier in the day. Silver futures (Dec 5) were up by 0.13 per cent or Rs 100 at Rs 77,615 per kg.

"Overall gold is expected to close higher for the third consecutive week amid slowdown worries to dominate sentiments," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold February futures on the dips at 62,600, keeping the stop loss at Rs 62,200 and a target price of Rs 63,100. For Silver March futures she recommends buying on the dips at Rs 77,500, with a stop loss of Rs 76,500 and a target of Rs 79,500.

"Bullions are now trading at an overbought zone and showing some profit booking, so traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold February futures at 62400/62200 and resistance at 62800/63100. For silver March futures he sees support at 77100/76600 and resistance at 77700/78700.

In the international market, COMEX gold was up 0.11 per cent at $ 2040.3 per ounce.

"Spot gold is expected to remain well bid on the Fed pivot anticipation. Support is at $2025/$2009. Resistance is at $2052/$2060/$2080," 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 (December 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.)

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