Gold and Silver price today (October 18, 2023): Precious metals edge higher; Gold above Rs 59,500

Gold and Silver price today (October 18, 2023): Domestic precious metal futures edged higher on Wednesday as tension in the Middle East intensified. 

Last seen, MCX gold futures (Dec 5) were up Rs 371 or 0.63 per cent at Rs 59,589 per 10 grams at the last count, having traded between Rs 59,480 and Rs 59,716 earlier in the day. Silver futures (Dec 5) were up 0.62 per cent or Rs 445 at Rs 72,012 per kg.

"Bullions looking positive today and some upside movement can be seen in the coming 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 59100/58800 and resistance at 59500/59700. For Silver December futures he sees support at 71400/70400 and resistance at 72200/73000.

In the international market, COMEX gold was up 0.67 per cent at $1948.7 per ounce.

"Going by surging yields and strong US data, gold should have been weaker; however, it is getting support from the Middle East crisis. Support is at $1900, whereas resistance is at $1950," 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 18, 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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