Gold and Silver price today (September 15, 2023): Precious metal trade higher; Gold hovers near Rs 58,800 and Silver was over Rs 71,600

Gold and Silver price today (September 15, 2023): Precious metal futures traded higher on Friday. Gold hovered near Rs 59,000 and Silver was over Rs 71,000.

Last seen, MCX gold futures (Oct 5) were up 162 or 0.28 per cent at Rs 58,750 per 10 grams at the last count, having traded between Rs 58,673 and Rs 58,750 earlier in the day. Silver futures (Dec 5) were up 0.94 per cent or Rs 669 at Rs 71,651 per kg.

"Overall Gold is still holding above crucial $ 1910 per ounce levels in the week as mentioned earlier. However, prices may see a slight upside in early trade on MCX focus to remain on UoM Consumer sentiments due later in the day which could provide cues for next week's perspective. Meanwhile, Silver prices remain supportive in day trade as China sentiments provide a boost to prices," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold October futures on dips at 58,600, keeping the stock loss at Rs 58,300 and a target price of Rs 59,000. For Silver September future she recommends buying on dips at Rs 71,300, with a stop loss of Rs 70,300 and a target of Rs 73,300. 

"Bullion's daily charts are making bottom and trading near the demand zone so traders are advised to make fresh buy positions in Gold and Silver near the 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 70600/69800 and resistance at 71600/72000.

In the international market, COMEX gold was up 0.25 per cent higher at $1,937.7 per ounce.

"Considering the US yields, strength in the US economy and a firmer Dollar, gold is looking pricey now, though scare of stagflation in Europe is lending some support, due to which the metal is seeing good dip buying near $1900 psychological support, a breach of which can take it to $1885/$1865 and resistance is at $1915/$1932," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh added outlook is turning bearish. Total known global gold ETF holdings fell for the ninth straight day through September 13. 

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

City-wise gold price (24k) in India (September 15, 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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