Gold and Silver price today (December 5, 2023): Yellow metal steady as treasury yields and the dollar rise

Gold and Silver price today (December 5, 2023): Domestic yellow metal futures steadied in early trade on Tuesday as treasury yields and the dollar rose.

Last seen, MCX gold futures (Feb 5) traded marginally higher by 0.2 per cent or Rs 125 at Rs 62,494 per 10 grams at the last count, having traded between Rs 62,482 and Rs 62,826 earlier in the day. Silver futures (Mar 5) traded marginally lower by 0.06 per cent or Rs 69 at Rs 76,099 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends selling gold February futures on the rise at 62,600, keeping the stop loss at Rs 63,000 and a target price of Rs 62,000. For Silver March futures she recommends selling on the rise at Rs 76,200, with a stop loss of Rs 77,200 and a target of Rs 74,200.

"Bullions are looking strong and gave fresh break out in a 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 62200/61900 and resistance st 62800/63000. For silver March futures he sees support at 76000/75000 and resistance at 78000/78500.

In the international market, COMEX gold was up 0.42 per cent at $ 2050.7 per ounce.

"Overall expectations remain of prices to stay volatile this week while major trend reversal is not seen unless and unti l Spot Gold closes below $2018 on a weekly basis in Spot. Also with the dollar and yields set for lower ground next year, the big picture is positive for the yellow metal from a long-term perspective.," said 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 5, 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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