Gold and Silver price today (November 10, 2023): Precious metals trade lower amid continued Middle East tensions, Gold below Rs 60,150

Gold and Silver price today (November 10, 2023): Domestic precious metal futures traded in red on Friday amid fears that the conflict in the Middle East may broaden into a region-wide war have eased, reducing haven demand. 

Last seen, MCX gold futures (Dec 5) were down Rs 148 or 0.25 per cent at Rs 60,134 per 10 grams at the last count, having traded between Rs 60,125 and Rs 60,238 earlier in the day. Silver futures (Dec 5) were down Rs 168 or 0.24 per cent at Rs 71,045 per kg.

"Gold recovered overnight despite Fed Powell's slightly hawkish remarks as the chair remained worried that the implemented policies may not be restrictive enough to bring inflation down to the target over time. Despite this concern, there's a prevailing belief in the markets that the Fed has completed its tightening cycle, while the probability of cuts remains till the end of the first quarter of next year. However improved yields could still limit sharp upside in day trade today," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold December futures on dips at 60,200, keeping the stock loss at Rs 60,000 and a target price of Rs 60,500. For silver December futures, she recommends buying on dips at Rs 71,000, with a stop loss of Rs 70,000 and a target of Rs 73,000. 

"Bullion is showing some profit booking. Thus, traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistence level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold December futures at 60000/59800 and resistance at 60300/60500. For Silver December futures he sees support at 70200/69800 and resistance at 71200/71800.

In the international market, COMEX gold was down 0.36 per cent at $1962.8 per ounce.

"Gold gave back some of its gains and is vulnerable as yields and dollars rebound. Powell basically tried to restore the balance, which in the wake of the FOMC decision, had made the Federal Reserve appear outrightly dovish.  In light of his remarks, upcoming US CPI inflation data due on November 14 will be crucial for the metal. Support is at $1945/$1920. Resistance is at $1970/$1995," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

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

City-wise gold price (24k) in India (November 10, 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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