Gold and Silver price today (November 16, 2023): Yellow metal muted amid easing inflation; Gold above Rs 60,000

Gold and Silver price today (November 16, 2023): Domestic yellow metal futures traded flat on Thursday as inflation numbers show signs of easing, and better-than-expected retail sales numbers have led to pare gains in gold overnight.

Last seen, MCX gold futures (Dec 5) were flat at Rs 60,139 per 10 grams at the last count, having traded between Rs 60,110 and Rs 60,185 earlier in the day. Silver futures (Dec 5) were down Rs 0.12 or 0.86 per cent at Rs 72,286 per kg.

"Gold might continue to consolidate amid supports to persist at lower levels as softening inflation numbers and better than expected retail sales numbers have led yellow metal to pare gains overnight. US Industrial production due today could be closely scrutinized for further signs on the state of the economy as prices expected to stay rangebound ahead of same.," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold December futures on dips at 60,100, keeping the stop loss at Rs 59,900 and a target price of Rs 60,500. For Silver December futures she recommends buying on dips at Rs 72,300, with a stop loss of Rs 71,300 and a target of Rs 74,300.

"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 resistance level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold December futures at 59800/59600 and resistance at 60200/60500. For Silver December futures he sees support at 71500/71000 and resistance at  72500/73300.

In the international market, COMEX gold was flat at $1964.2 per ounce.

"Today's US data include import price Index, initial jobless claims, Philadelphia Fed business outlook, industrial production, and NAHB housing Index. Gold is expected to range trade. Support is at $1950/$1920. Resistance is at $1980/$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 16, 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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