Gold and Silver price today (September 13, 2023): Precious metals trade under pressure; Gold hovers near Rs 59,000

Gold and Silver price today (September 13, 2023): Precious metal futures traded lower on Wednesday as two-year US yields edged higher. Gold hovered near Rs 59,000 and Silver was over Rs 71,500.

Last seen, MCX gold futures (Oct 5) were down 87 points or 0.15 per cent at Rs 58,539 per 10 grams at the last count, having traded between Rs 58,523 and Rs 58,556 earlier in the day. Silver futures (Dec 5) were down 0.58 per cent or Rs 419 at Rs 71,515 per kg.

"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 58500/58300 and resistance at 58800/59000. For Silver December futures he sees support at 71500/70700 and resistance at 72300/73000.

In the international market, COMEX gold was down 0.15 per cent at $1,932.1 per ounce.

"US inflation data topping the forecast will be bearish for the yellow metal unless the US yields dip. Support is at $1900/$1885 and resistance is at $1932/$1955," 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 13, 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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