Gold and Silver price today (September 12, 2023): Gold trades flat near Rs 59,000; Silver above Rs 72,100

Gold and Silver price today (September 12, 2023): Yellow metal futures traded with cautious upside on Tuesday. Gold hovered near Rs 59,000 and Silver was over Rs 72,100.

Last seen, MCX gold futures (Oct 5) were flat at Rs 58,965 per 10 grams at the last count, having traded between Rs 58,958 and Rs 58,995 earlier in the day. Silver futures (Dec 5) were up 0.33 per cent or Rs 236 at Rs 72,178 per kg.

"Gold traded with cautious upside yesterday as participants now focus on the US CPI reading due tomorrow. Although headline inflation could rise higher driven by elevated crude oil prices, core inflation numbers could also be in focus as muted readings could again rephrase the scenario for further interest rate hikes. Overall, prices are anticipated to trade range bound with a slight negative bias," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold October futures on rise at 59,100, keeping the stop loss at Rs 59,450 and a target price of Rs 59,600. For Silver December futures she recommends sell on rise at Rs 72,400, with a stop loss of Rs 73,400 and a target of Rs 70,400. 

"Bullion's daily charts are making bottom and trading near the demand zone. 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 October futures at 58850/58600 and resistance at 59100/59300. For Silver December futures he sees support at 71500/70700 and resistance at 72300/73000.

In the international market, COMEX gold was flat at $1,946.8 per ounce.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (September 12, 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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