Gold and Silver price today (November 13, 2023): Precious metals trade in red; Gold below Rs 60,000

Gold and Silver price today (November 13, 2023): Domestic precious metal futures traded in red on Monday.

Last seen, MCX gold futures (Dec 5) were down Rs 87 or 0.15 per cent at Rs 59,665 per 10 grams at the last count, having traded between Rs 59,652 and Rs 59,699 earlier in the day. Silver futures (Dec 5) were down Rs 565 or 0.81 per cent at Rs 69,467 per kg.

"Gold could start the week with a range-bound trade as a cautious tone persists ahead of crucial Inflation numbers from the US due tomorrow which is expected to provide more clues on the path of the Fed for further monetary tightening ahead. Retail sales numbers are due later in the week to also provide further direction. Overall prices are expected to find major supports near $ 1930 per ounce in a spot during the day," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling gold December futures on rise at 59,700, keeping the stop loss at Rs 60,000 and a target price of Rs 59,200. For Silver December futures she recommends selling on rise at Rs 69,500, with a stop loss of Rs 70,500 and a target of Rs 68,000.

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

Khare sees support for Gold December futures at 59600/59400 and resistance at 59900/60100. For Silver December futures he sees support at 69400/68900 and resistance at 70300/71200.

In the international market, COMEX gold was flat per cent at $1938.8 per ounce.

"As geopolitical risk remains contained, gold may decline further to $1900. US CPI inflation data will be crucial. Support is at $1923/$1900. Resistance is at $1945/$1960/$1970," 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 13, 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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