Gold and Silver price today (November 29, 2023): Precious metal trade higher; Gold hovers near Rs 62,800

Gold and Silver price today (November 29, 2023): Domestic precious metal futures traded higher on Wednesday as the latest comments from Federal Reserve officials bolstered bets the US central bank will start cutting interest rates next year.

Last seen, MCX gold futures (Dec 5) were up Rs 71 or 0.11 per cent at Rs 62,793 per 10 grams at the last count, having traded between Rs 62,773 and Rs 62,883 earlier in the day. Silver futures (Dec 5) were up Rs 169 or 0.22 per cent at Rs 77,162 per kg.

"Possibility of new all-time highs now rests on further macro cues from the US including PCE Inflation numbers due later in the week. Volatility in prices may increase in days ahead as caution is advised at higher levels in the market," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying gold December futures on the dips at 62,800, keeping the stop loss at Rs 62,400 and a target price of Rs 63,300. For Silver December futures she recommends buying on the dips at Rs 77,000, with a stop loss of Rs 76,000 and a target of Rs 79,000.

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

Khare sees support for Gold December futures at 62200/61900 and resistance at 62500/62700. For Silver December futures he sees support at 75000/74400 and resistance at 76000/76500.

In the international market, COMEX gold was up 0.25 per cent at $ 2045.1 per ounce.

"The yellow metal may post its first monthly close above the $2000 level. Gold may test $2060 resistance in the near term. Major resistance is at $2080. Support is at $2025/$2009. Today's US GDP data will be closely watched by traders," 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 29, 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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