Gold and Silver price today (November 30, 2023): Yellow metal subdued, white metal under pressure; Gold below Rs 62,800

Gold and Silver price today (November 30, 2023): Domestic yellow metal futures traded flat with a negative bias on Thursday, after a five-day rally that’s pushed it close to an all-time high ahead of US data that may solidify bets the Federal Reserve will be able to start cutting rates in the first half of next year.

Last seen, MCX gold futures (Dec 5) were flat at Rs 62,790 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 down by 0.1 per cent or Rs 79 at Rs 77,195 per kg.

"Overall any decline in prices in day trade could remain a buying opportunity for short-term perspective in Gold. Meanwhile, focus to remain on CORE PCE Index price data for the day which could lead to volatility in prices in late trade today," 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 now trading at overbought zone and showing some profit booking, so traders are advised to book their longs and can make fresh short positions," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold December futures at 62400/62200 and resistance at 62800/63100. For Silver December futures he sees support at 75100/74600 and resistance at 76000/76700.

In the international market, COMEX gold down up 0.16 per cent at $ 2043.9 per ounce.

"Both gold and bonds are looking stretched at current valuation, though buying momentum remains strong on Fed pivot speculation. Support is at $2035/$2025/$2009, while resistance is at $2050/$2060/$2080. Weaker than expected US PCE deflator inflation data may help the metal extend its rally," 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 30, 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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