Gold and Silver price today (October 27, 2023): Precious metals trade positive; Gold near Rs 61,000

Gold and Silver price today (October 27, 2023): Domestic precious metal futures traded positive on Friday amid continued tensions in the Middle East tensions. 

Last seen, MCX gold futures (Dec 5) were flat at Rs 60,955 per 10 grams at the last count, having traded between Rs 60,915 and Rs 60,955 earlier in the day. Silver futures (Dec 5) were up 0.22 per cent or Rs 155 at Rs 71,735 per kg.

"Bullion structure is looking positive and some further upside movement is expected in the 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 60800/60500 and resistance at 61100/61300. For Silver December futures he sees support at 71200/70400 and resistance at 72000/72500.

In the international market, COMEX gold was trading with a cautious upside at $1997.6 per ounce.

"The yellow metal is commanding a hefty geopolitical premium. It will need continuous feed of concerning geopolitical developments to keep it afloat at current levels. Buy the dips seems to be the preferred strategy of investors. Support is at $1962/$1945. Resistance is at $2000," 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 27, 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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