Gold and Silver price today (September 28, 2023): Precious metals trade lower amid firm dollar; Gold holds Rs 57,190 level

Gold and Silver price today (September 28, 2023): Precious metal futures traded lower on Thursday amid strong US yields and firm dollar. Gold held Rs 57,190 level and Silver hovered near Rs 70,500. 

Last seen, MCX gold futures (Dec 5) were down Rs 93 or 0.16 per cent at Rs 57,190 per 10 grams at the last count, having traded between Rs 58,573 and Rs 58,647 earlier in the day. Silver futures (Dec 5) were down 0.1 per cent or Rs 69 at Rs 70,480 per kg.

"Moving ahead with key levels being broken yesterday itself, prices may continue to trade with negative bias amid further focus to shift towards US PCE Inflation and Personal spending number which could again likely show decelerating inflation numbers and higher than expected spending numbers supportive for the dollar," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold December futures on rise at 58,400, 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 71,000, with a stop loss of Rs 72,000 and a target of Rs 69,000.

"Bullion's daily charts are trading at oversold zone, anytime we can see good short covering rally in bullion. Traders are advised to make fresh buy positions in Gold and Silver near given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking. 

Khare sees support for Gold October futures at 57500/57300 and resistance 57900/58100. For Silver December futures he sees support at 70500/69600 and resistance 71500/72000.

In the international market, COMEX gold was flat at $1,891.2 per ounce.

"Total known global gold ETF holdings fell for the second straight day. Spot gold has fallen below the key support at $1885, this has made the metal increasingly vulnerable. Support is at $1865/$1850. Resistance is at $1885/$1900," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

"We expect gold and silver to remain volatile this week and gold could test its support level of $1880 and silver could also test $22.40 per troy ounce levels," said Manoj Kumar Jain Director - Head commodity and currency research, Prithvi Finmart. 

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

City-wise gold price (24k) in India (September 28, 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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