Gold and Silver price today (October 9, 2023): Precious metals trade higher as Hamas-Israel war raises concerns

Gold and Silver price today (October 9, 2023): Domestic precious metal futures on Monday traded on a positive note as the Hamas-Israel war boosted safe-haven demand for gold.

Last seen, MCX gold futures (Dec 5) were up 0.91 per cent or Rs 519 at Rs 57,390 per 10 grams at the last count, having traded between Rs 57,000 and Rs 57,442 earlier in the day. Silver futures (Dec 5) were up 2.28 per cent or Rs 1522 at Rs 68,290 per kg.

"Overall Inflation numbers due later in the week could provide further direction to prices as Spot Gold may continue to push up now could face strong resistance around $ 1870 per ounce levels in international markets," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold December futures on dips at 56,900, keeping the stop loss at Rs 56,500 and a target price of Rs 57,600. For Silver December futures she recommends buy on dips at Rs 68,400, with a stop loss of Rs 67,400 and a target of Rs 70,400.

"Bullion is making bottom, anytime a good short covering rally could be seen, 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 56800/56600 and resistance at 57100/57300. For Silver December futures he sees support at 67600/66600 and resistance at 69000/69500.

In the international market, COMEX gold was up 1 per cent at $1,863.7 per ounce.

"The US bond market is closed Monday on Columbus Day, thus a vital clue to the markets will be missing. Support is at $1830/$1810, while resistance is at $1858/$1885. The metal is expected to trade with a positive bias in the very short term," 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 9, 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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