Gold silver rates (March 29, 2023): The precious metal futures on Wednesday, March 29, traded lower, last seen trading down by Rs 92 or 0.16 per cent on MCX at Rs 58,950 per 10 grams. Earlier in the day, the near-term gold futures contract moved within a range between Rs 58,870 and Rs 58,970. 

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MCX silver futures (May 5) were down by Rs 106 or 0.15 per cent at Rs 70,478 per kilogram.

Kunal Shah, Head of Commodities Research, Nirmal Bang recommended buying gold on dips, "Buy gold on dips at the Rs 58,500 to Rs 58,600 levels and don't short. The price of gold could go up in a week and investors should buy and then sell while trading."

He added there is profit booking in gold as uncertainties from the US banking have reduced and the fundamentals of gold are strong. 

The rupee was up at 82.26 against the US dollar. 

In the international market, spot gold was down 0.37 per cent at $1,966.50per ounce, and spot silver down by 0.16 per cent at $23.37per ounce.

What analysts recommend on gold & silver

IIFL Securities has recommended buying MCX Gold April futures at Rs 58,800, keeping a stop loss of Rs 58,450 and a Target of Rs 59,500.

Meanwhile, the brokerage has given a ‘buy’ on MCX Silver May futures at Rs 70,000, with a Stop Loss of  Rs 69,550 and has given a target of Rs 71,100

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

City-wise gold price (22k) in India (March 29, 2023) 

City Gold prices for 22k
Chennai Rs 55,450
Mumbai Rs 54,700
Delhi Rs 54,850
Kolkata Rs 54,700
Bangalore Rs 54,750
Hyderabad Rs 54,700
Kerala Rs 54,700
Pune Rs 54,700
Vadodara Rs 54,750
Ahmedabad Rs 54,750
Jaipur Rs 54,850
Lucknow Rs 54,850
Coimbatore Rs 55,450
Madurai Rs 55,450
Vijayawada Rs 54,700
Patna Rs 54,750
Nagpur Rs 54,700
Chandigarh Rs 54,850
Surat Rs 54,750
Bhubaneswar Rs 54,700
Mangalore Rs 54,750
Visakhapatnam Rs 54,700
Nashik Rs 54,730

(Disclaimer: These are indicative prices collected from trusted sources. Investors are recommended to check prices with their jeweller before investing/purchasing.)