Gold and Silver price today (October 19, 2023): Precious metal trade under pressure; Gold near Rs 60,000

Gold and Silver price today (October 19, 2023): Domestic precious metal futures traded under pressure on Thursday as traders react to headlines regarding the Mideast war amid surging US yields. 

Last seen, MCX gold futures (Dec 5) were down Rs 148 or 0.25 per cent at Rs 59,925 per 10 grams at the last count, having traded between Rs 59,720 and Rs 59,925 earlier in the day. Silver futures (Dec 5) were down 0.25 per cent or Rs 148 at Rs 71,700 per kg.

"Safe haven status could continue to augment gold appeal during the week as the gold spot approaches the $ 1960 –1980 resistance zone in Spot. The situation in ISRAEL appears to be continually evolving and a resolution seems a long way off which could continue to provide support to prices. Meanwhile, caution persists at higher levels amid war premiums start to build up in prices which could also lead to high volatility in prices in the coming weeks although gold is well supported in the near term due to its safe haven status," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold December futures on dips at 60,000, keeping the stop loss at Rs 59,500 and a target price of Rs 60,700. 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 is looking positive today, 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 59800/59500 and resistance at 60200/60400. For Silver December futures he sees support at 71400/70400 and resistance at 72300/73000.

In the international market, COMEX gold was down 0.52 per cent at $1958 per ounce.

"Gold is expected to be highly volatile as traders react to headlines regarding the Mideast war amid surging US yields. Traders will continue to buy the dips as they hedge the geopolitical risks. Support is at $1930, while resistance is at $1965/$1975," 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 19, 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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