Gold and Silver price today (November 24, 2023): Precious metal trade in green; Gold above Rs 61,100, Silver above Rs 72,900

Gold and Silver price today (November 24, 2023): Domestic yellow metal futures traded flat with a positive bias on Friday amid a weaker US dollar as markets continued to price in expectations for a looser monetary policy in the world’s biggest economy next year.

Last seen, MCX gold futures (Dec 5) were flat with positive bias at Rs 61,110 per 10 grams at the last count, having traded between Rs 61,056 and Rs 61,110 earlier in the day. Silver futures (Dec 5) were flat at Rs 72,910 per kg.

"With rising ETF flows, a weaker dollar, and continued expectations of a Fed pivot with markets pricing in a 25 – 26 per cent chance of a rate cut by the end of March 2024, gold is expected to trade steady in day trade. However key data due next week will shed light on the outlook for the US economy, with second estimates for third-quarter growth set to land on Wednesday," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling gold December futures on the rise at 61,100, keeping the stop loss at Rs 61,400 and a target price of Rs 60,600. For Silver December futures she recommends selling on the rise at Rs 73,000, with a stop loss of Rs 74,000 and a target of Rs 71,000.

"Bullions are looking strong, so traders are advised to make fresh buy positions in Gold and Silver near given support level one," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold December futures at 60900/60700 and resistance at 61300/61500. For Silver December futures he sees support at 72700/71700 and resistance at 74000/74500.

In the international market, COMEX gold was flat at $1993.7 per ounce.

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

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