Gold and Silver price today (October 10, 2023): Precious metals trades higher amid tensions in Middle-East

Gold and Silver price today (October 10, 2023): Domestic precious metal futures on Tuesday traded with an uptick amid continued tensions in the Middle-East.

Last seen, MCX gold futures (Dec 5) were up 0.26 per cent or Rs 148 at Rs 57,720 per 10 grams at the last count, having traded between Rs 57,000 and Rs 57,442 earlier in the day. Silver futures (Dec 5) were up 1.4 per cent or Rs 956 at Rs 69,126 per kg.

"Looking ahead focus to remain on US CPI and Fed meeting minutes due tomorrow which could throw some more light on rate hike scenario for this year. Overall we anticipate prices to remain steady for the day with some volatility to persist in late evening trade," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold December futures on dips at 57,650, keeping the stock loss at Rs 57,250 and a target price of Rs 58,300. For Silver December futures she recommends buying on dips at Rs 69,000, with a stop loss of Rs 68,000 and a target of Rs 71,000. 

"As per the daily chart, bullion is making a bottom and a good short-covering rally can be seen. 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 57200/56900 and resistance at 57600/57800. For Silver December futures he sees support at 68300/67400 and resistance at 69200/69700.

In the international market, COMEX gold was up 0.63 per cent at $1876.1 per ounce.

"Gold is recovering after a heavy sell-off, thus the metal may recover further in the wake of the Mideast conflict and upcoming US CPI inflation data. The US Dollar Index and bond yields may soften further into the run-up to the US CPI inflation data, which will keep the commodities bid. Support is at $1850/$1830. Resistance is at $1885," 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 (October 10, 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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