Gold and Silver price today (December 28, 2023): Precious metals trade higher; yellow metal near Rs 63,800

Gold and Silver price today (December 28, 2023): Domestic precious metal futures traded in the green on Thursday as traders expect interest rate cuts from the Federal Reserve in 2024 and a weaker US currency.

Last seen, MCX gold futures (Feb 5) were up Rs 119 or 0.21 per cent at Rs 63,799 per 10 grams at the last count, having traded between Rs 62,728 and Rs 63,799 earlier in the day. MCX Silver futures (Mar 5) were up Rs 76 or 0.1 per cent at Rs 75,723 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold February futures on dips at 63,650, keeping the stop loss at Rs 63,200 and a target price of Rs 64,100. For silver March futures, she recommended buying on dips at Rs 75,600, with a stop loss of Rs 74,600 and a target of Rs 77,600.

"Bullion looks strong, so 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 December futures at 63500/63200 and resistance at 63800/64000. For Silver December futures he sees support at 75200/74500 and resistance at 76000/76500.

In the international market, COMEX gold was up 0.17 per cent at $ 2096.6 per ounce.

"Gold continued to trade with positive momentum as traders became increasingly confident on prospects of US rate cuts by the end of next quarter. Swaps markets are pricing in about an 85 per cent chance of a cut by March as both lower yields and interest rates are typically bullish for gold. Overall, we may end the year on a positive note as the market heads for new highs in the coming year," said Anand Rathi Commodities & Currencies's Qureshi. 

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

City-wise gold price (24k) in India (December 28, 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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