Gold and Silver price today (December 8, 2023): Precious metals trade higher after RBI keeps repo rate unchanged

Gold and Silver price today (December 8, 2023): Domestic precious metal futures traded higher early on Friday after the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5%.

Last seen, MCX gold futures (Feb 5) traded flat with a positive bias at Rs 62,510 per 10 grams at the last count, having traded between Rs 62,490 and Rs 62,546 earlier in the day. Silver futures (Mar 5) were up 0.35 per cent or Rs 263 at Rs 74,576 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 62,800 and a target price of Rs 62,200. For silver March 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 a 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 62400/62200 and resistance at 62800/63100. For silver March futures he sees support at 74000/73500 and resistance at 75000/76000.

In the international market, COMEX gold was flat with a positive bias at $ 2047.3 per ounce.

"Gold may continue to consolidate ahead of the non-farm payrolls report due today as the same might show slightly elevated numbers for November. Overall, with traders pricing a 62 per cent chance of a rate cut by March next year, the same could waver drastically post-release of non -farm payrolls number while prices could turn volatile in late trade today," 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 8, 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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