Gold and Silver price today (December 7, 2023): Precious metal trade lower ahead of the RBI MPC meeting decision

Gold and Silver price today (December 7, 2023): Domestic precious metal futures traded lower in early trade on Thursday, ahead of the Reserve Bank of India (RBI) MPC meeting decision. Analysts expect the central bank to keep rates unchanged but remain less hawkish and that could keep the rupee weighed down. 

Last seen, MCX gold futures (Feb 5) were down 0.11 per cent or Rs 69 at Rs 62,371 per 10 grams at the last count, having traded between Rs 62,339 and Rs 62,425 earlier in the day. Silver futures (Mar 5) were down 0.54 per cent or Rs 404 at Rs 74,427 per kg.

"Overall expectations remain of prices to stay steady with volatility to persist post-release of macro data in the evening session," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling gold February futures on the rise at 62,500, keeping the stop loss at Rs 62,700 and a target price of Rs 62,100. For silver Matrch futures she recommends selling on the rise at Rs 75,000, with a stop loss of Rs 76,000 and a target of Rs 73,500.

"Bullions are showing some profit booking and making the top. 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 62200/61900 and resistance at 62500/62800. For silver March futures he sees support at 74000/73500 and resistance at 75400/76400.

In the international market, COMEX gold was down 0.22 per cent at $ 2043.3 per ounce.

"Today, the focus will be on the Revised GDP from the EZ and the weekly Jobless claims number from the US. We expect the USDINR (Spot) to trade sideways and quote in the range of 83.20 and 83.50," said Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services.

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

City-wise gold price (24k) in India (December 7, 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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