Gold and Silver price today (December 29, 2023): Precious metal trade under pressure amid profit booking

Gold and Silver price today (December 29, 2023): Domestic precious metal futures traded under pressure on Friday amid profit booking.

Last seen, MCX gold futures (Feb 5) were down Rs 140 or 0.22 per cent at Rs 63,249 per 10 grams at the last count, having traded between Rs 62,211 and Rs 63,267 earlier in the day. MCX Silver futures (Mar 5) were down Rs 632 or 0.84 per cent at Rs 74,327 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 63,400, keeping the stop loss at Rs 63,900 and a target price of Rs 62,800. For silver March futures, she recommended selling on rise at Rs 75,000, with a stop loss of Rs 76,000 and a target of Rs 73,000.

"Bullions are looking strong, Momentum Indicator RSI also indicating the same, So 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) Broking.

Khare sees support for gold February futures at 63300/63000 and resistance at 63700/64000. For silver March futures he sees support at 74500/73800 and resistance at 75500/76000.

In the international market, COMEX gold was down 0.20 per cent at $ 2079.5 per ounce.

"Gold may end the year with some profit booking moves as still on track for a monthly gain and remaining the most preferred commodity of 2023. Overall, sentiments to remain positive for the coming month as traders continue to aggressively bet on rate cuts by the end of next quarter," 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 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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