Gold and Silver price (September 1, 2023): Yellow metal above Rs 59,000; Silver over Rs 75,000

Gold and Silver price (September 1, 2023): Yellow metal futures traded lower on Friday, whereas Silver futures traded flat in green, a day after India released its gross domestic product data (GDP) which was inline with economists' estimates.

Last seen, MCX gold futures (Oct 5) were down Rs 65 or 0.11 per cent at Rs 59,309 per 10 grams at the last count, having traded between Rs 59,296 and Rs 59,332 earlier in the day. Silver futures (Sept 5) were flat at Rs 75,750 per kg.

"Bullion's daily charts are showing some profit booking. Traders are advised to book their long positions and can make fresh short positions in Gold and Silver near the given resistance," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold October futures at 59300/59150 and resistance at 59500/59700. For Silver December futures he sees support at 75000/74500 and resistance at 76000/76700.

In the international market, COMEX gold was flat but in red at $1,965.5 per ounce.

"Yesterday, spot gold fell 0.11 per cent to $1940 as the US Dollar Index staged a rebound on somewhat disappointing data out of the Euro-zone stoking stagflation fears. Support for the yellow metal lies at $1930, followed by $1913. Resistance is at $1955, followed by $1965," 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 (September 1, 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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