Gold and Silver price today (December 4, 2023): Precious metals edge higher; Yellow metal hits life high in international market

Gold and Silver price today (December 4, 2023): Domestic precious metal futures edged higher on Monday, on growing expectations for US rate cuts early next year, despite attempts by the Federal Reserve to temper the optimism.

Last seen, MCX gold futures (Feb 5) were up 0.83 per cent or Rs 529 at Rs 63,886 per 10 grams at the last count, having traded between Rs 63,720 and Rs 64,000 earlier in the day. Silver futures (Mar 5) were up by 0.15 per cent or Rs 114 at Rs 78,201 per kg.

"Bullion surged around 15 per cent from a low in early October as it benefited from a spate of haven buying following the Hamas attack on Israel, and then, in recent weeks, the rally got extra impetus from the growing expectations for US rate cuts. Weakness in the dollar and yields had also bolstered the appeal of the yellow metal as it now looks ahead to more macro cues from the US. Gold may remain volatile this week with a positive bias to persist ahead of crucial Nonfarm payrolls due on Friday," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold February futures on the dips at 63,300, keeping the stop loss at Rs 63,000 and a target price of Rs 63,700. For Silver March futures she recommends buying on the dips at Rs 78,000, with a stop loss of Rs 77,000 and a target of Rs 80,000.

"Bullions are again looking strong and gave fresh break out in the daily chart, 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 February futures at 63200/62900 and resistance at 63600/64000. For silver March futures he sees support at 77500/76600 and resistance at 78500/79000.

In the international market, COMEX gold was up 0.59 per cent at $ 2102.1 per ounce surpassing the unprecedented peak above the psychologically significant $2,100 mark.

Simultaneously, silver prices have reached 5-month highs in the international markets and are poised to achieve a lifetime high in the domestic markets.

"Gold prices surged to an unprecedented peak above the psychologically significant $2,100 mark during the early Asian session on Monday. The surge is attributed to speculation that the Federal Reserve (Fed) has reached the pinnacle of its rate hike cycle, thereby bolstering demand for the precious metal," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Kalantri added despite hawkish comments from the Fed Chairman, the dollar index retreated from its 14-week highs, providing additional support to precious metals.

Anticipating a day of volatility in today's session, Kalantri sees support at $2072-2058, with resistance at $2104-2120. For silver, he sees support at $25.32-25.20, while resistance stands at $25.70-25.84.

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

City-wise gold price (24k) in India (December 4, 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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