Gold and Silver price today (September 27, 2023): Precious metals trade under pressure amid strong US yields; Gold holds Rs 58,300 level

Gold and Silver price today (September 27, 2023): Precious metal futures traded lower on Wednesday amid strong US yields. Gold held Rs 58,300 level and Silver hovered near Rs 71,300. 

Last seen, MCX gold futures (Oct 5) were down Rs 85 or 0.15 per cent at Rs 58,347 per 10 grams at the last count, having traded between Rs 58,616 and Rs 58,675 earlier in the day. Silver futures (Dec 5) were down 0.74 per cent or Rs 532 at Rs 71,245 per kg.

"Overall sentiments to stay cautious in day trade today ahead of US Durable Goods order scheduled later in the day," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold October futures on rise at 58,550, keeping the stop loss at Rs 58,800 and a target price of Rs 58,000. For Silver December futures she recommends sell on rise at Rs 72,000, with a stop loss of Rs 73,000 and a target of Rs 70,000.

"Bullion's daily charts are trading at the demand zone looking good from here, so 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 58300/58100 and resistance at 58700/58800. For Silver December futures he sees support at 71000/70400 and resistance at 72000/72500.

In the international market, COMEX gold was flat at $1,918.3 per ounce.

"Today's major data releases include US durable goods orders (August preliminary) and Germany's Gfk consumer confidence data. The outlook of the metal is weak as the US yields may rise further on the looming supply of front-end loaded treasury coupons. Support is at crucial $1885/$1865, whereas resistance is at $1915/$1930," 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 27, 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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