Gold and Silver price today (November 9, 2023): Precious metal trade under pressure ahead of Dhanteras; Gold below Rs 60,000

Gold and Silver price today (November 9, 2023): Domestic precious metal futures traded in red on Thursday ahead of Dhanteras. 

Last seen, MCX gold futures (Dec 5) were down Rs 111 or 0.18 per cent at Rs 59,898 per 10 grams at the last count, having traded between Rs 59,890 and Rs 59,903 earlier in the day. Silver futures (Dec 5) were down Rs 711 or 1 per cent at Rs 70,6244 per kg.

"Bullions charts are showing some profit booking, so traders are advised to book their longs and can make fresh short positions in Gold and Silver near given resistence 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 60150/60450. For Silver December futures he sees support at 70200/69800 and resistance at 71100/71800.

In the international market, COMEX gold was down 0.15 per cent at $1955 per ounce.

"Gold bears eye $1921 level in the near term. Interim support is at $1945. Resistance is at $1957/$1971.The yellow metal may slip to $1900 as geopolitical risk premium is being eroded off the prices," 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 9, 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.