Gold and Silver price today (November 6, 2023): Precious metals trade lower; Gold below Rs 60,900

Gold and Silver price today (November 6, 2023): Domestic precious metal futures traded in red on Monday. 

Last seen, MCX gold futures (Dec 5) were down Rs170 or 0.28 per cent at Rs 60,850 per 10 grams at the last count, having traded between Rs 60,755 and Rs 60,854 earlier in the day. Silver futures (Dec 5) were down 0.17 per cent or Rs 125 at Rs 72,127 per kg.

"Gold may start the week on a cautious note amid lack of macro cues due this week with the US president claiming during the weekend that progress regarding the potential humanitarian pause in the Gaza conflict could keep markets calm in day trade. Meanwhile, the focus this week is on key trade and inflation readings from Asia’s largest economy, which are expected to offer more insight into a sluggish economic recovery. Overall prices are expected to trade sideways to mildly negative for the day," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold December futures on dips at 60,800, keeping the stop loss at Rs 60,500 and a target price of Rs 61,200. For Silver December futures she recommends buying on dips at Rs 72,000, with a stop loss of Rs 71,000 and a target of Rs 74,000.

"Bullion structure looks positive and some further upside movement can be seen in the future. 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 60800/60500 and resistance at 61200/61400. For Silver December futures he sees support at 71800/70800 and resistance at 72800/73200.

In the international market, COMEX gold was trading lower by 0.38 per cent at $1991.7 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 6, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.