Gold and Silver price today (October 6, 2023): Precious metal trade higher ahead of the RBI monetary policy decision

Gold and Silver price today (October 6, 2023): Domestic precious metal futures on Friday traded with an uptick ahead of the Reserve Bank of India's (RBI) policy decision.

Last seen, MCX gold futures (Dec 5) were up 0.19 per cent or Rs 105 at Rs 56,713 per 10 grams at the last count, having traded between Rs 58,692 and Rs 58,735 earlier in the day. Silver futures (Dec 5) were up 0.42 per cent or Rs 280 at Rs 67,048 per kg.

"Gold having traded steady since last few session may be looking ahead to find a floor as US labor data due Friday, forecast to show a slight slowdown in hiring. A miss to the downside would take the pressure off bullion by dimming expectations for further Fed tightening. However a if actual number surprises us on the higher-than-expected side, gold may alter its trend to find a new low in markets," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold December futures on rise at 56,700, keeping the stop loss at Rs 57,200 and a target price of Rs 56,000. For Silver December future she recommends sell on rise at Rs 67,00, with a stop loss of Rs 69,000 and a target of Rs 65,000. 

"Bullion is trading at a highly oversold zone and at any time a good short covering rally could be seen. So 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 56600/56400 and resistance at 57000/57200. For Silver December futures he sees support at 66500/65800 and resistance at 68000/68500.

In the international market, COMEX gold was up 0.34 per cent at $1,838 per ounce.

"Today's US nonfarm payroll report (September) will be crucial for the metal. A decent report will weigh on both the US bonds and the yellow metal. Support is at $1813/$1800. Resistance is at $1850/$1858," 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 6, 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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