Gold and Silver price today (October 4, 2023): Precious metals trade in red amid rising US treasury yields

Gold and Silver price today (October 4, 2023): Precious metal futures traded in red on Wednesday for the seventh day in a row as the US yields continued to surge. Gold below Rs 57,000.

Last seen, MCX gold futures (Dec 5) were down 0.14 per cent or Rs 82 at Rs 56,845 per 10 grams at the last count, having traded between Rs 58,844 and Rs 58,853 earlier in the day. Silver futures (Dec 5) were down 0.52 per cent or Rs 348 at Rs 67,046 per kg.

"Gold might witness a cautious rebound in the day as traders look ahead to a monthly jobs report due Friday. The unemployment rate is expected to decrease slightly. However, volatility may also persist in days ahead while movements in the dollar index would be crucial to gauge the further direction in the precious metals complex," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold December futures on the rise at 57,000, keeping the stock loss at Rs 57,500 and a target price of Rs 56,300. For Silver December futures she recommends selling on the rise at Rs 67,500, with a stop loss of Rs 69,000 and a target of Rs 65,000. 

"Bullion is trading at a highly oversold zone, anytime we can see a good short covering rally, traders are advised to make fresh buy positions in Gold and Silver near given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold December futures at 56700/56400 and resistance at 57000/57200. For Silver December futures he sees support at 66800/65800 and resistance at 68000/68500.

In the international market, COMEX gold was down 0.31 per cent at $1,835.7 per ounce.

"Losses in gold would have been more but for the intervention talks in the USDJPY pair, which sent the pair quickly lower as it moved above the psychologically crucial level of the 150 mark. Total known global gold ETF holdings fell to a fresh cycle low for the third straight day through October 2. Support is at $1815/$1800, while resistance is at $1850/$1858. The outlook remains weak," 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 4, 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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