Gold and Silver price today (October 11, 2023): Yellow metal trades flat, white metal trades with an uptick

Gold and Silver price today (October 11, 2023): Domestic yellow metal futures were subdued on Wednesday as US Dollar index slipped and the US yields slumped. 

Last seen, MCX gold futures (Dec 5) were flat at Rs 57,660 per 10 grams at the last count, having traded between Rs 57,619 and Rs 57,651 earlier in the day. Silver futures (Dec 5) were up 0.21 per cent or Rs 142 at Rs 69,060 per kg.

"As per daily chart, bullion is making a bottom and a good short covering rally could 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 57500/57300 and resistance at 57800/58000. For Silver December futures he sees support at 68300/67400 and resistance at 69500/70000.

"Overall prices may continue to trade with mild positive bias for the day ahead of macro cues from US while upside resistance in short term perspective to be witnessed around $ 1880 – 1885 per ounce levels (CMP $1862) in spot," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold December futures on dips at 57,600, keeping the stop loss at Rs 57,200 and a target price of Rs 58,200. For Silver December futures she recommends buy on dips at Rs 69,000, with a stop loss of Rs 68,000 and a target of Rs 71,000.

In the international market, COMEX gold was flat at $1874.2 per ounce.

"Gold is expected to be range-bound ahead of the US CPI inflation data, though there is not much of safe haven demand currently. Support is coming from soft US Dollar Index and subdued US yields. 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 11, 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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