Gold and Silver price today (September 29, 2023): Precious metal traded in green; Gold hovered near Rs 57,900

Gold and Silver price today (September 29, 2023): Precious metal futures traded in the green on Friday on the notion that rates are going to stay higher for longer Gold hovered near Rs 57,900.

Last seen, MCX gold futures (Dec 5) were flat at Rs 57,890 per 10 grams at the last count, having traded between Rs 58,827 and Rs 58,945 earlier in the day. Silver futures (Dec 5) were up 1.23 per cent or Rs 868 at Rs 71,468 per kg.

"Overall with China markets being closed today, we may see short covering moves in day trade in the gold complex as prices have turned oversold. However prices may remain vulnerable to further downside in short term perspective while US Macro cues including Core PCE Index may remain in focus today which is anticipated to show further declaration in inflation levels," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold October futures on rise at 58,000, keeping the stop loss at Rs 58,300 and a target price of Rs 57,600. 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 an oversold zone, anytime we can see a good short covering rally in bullion. 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 57000/56800 and resistance at 57500/57700. For Silver December futures he sees support at 70500/69600 and resistance at 71500/72000.

In the international market, COMEX gold was flat at $1,880.1 per ounce.

"Today's data docket includes US personal income, personal spending, PCE deflator inflation data ( August), and University of Michigan consumer sentiment and inflation expectations. Out of Europe, the focus will be on the Eurozone's CPI and the UK's 2Q final GDP. Gold is expected to remain weak on the rate outlook. Support is at $1850. Resistance is at $1885/$1900," 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 29, 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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