Precious Metals Shine Bright: Gold and Silver Propel to Impressive Heights on September 11, 2023

In a spectacular display of resilience, the futures of precious metals painted a picture of prosperity on Monday. Gold stood tall, nearing the mark of Rs 59,000, while Silver triumphed at a remarkable price above Rs 71,000.

The latest figures indicate that MCX gold futures (Oct 5) remained steady at Rs 58,942 per 10 grams in recent trading, fluctuating within the range of Rs 58,930 and Rs 58,950 earlier in the day. Meanwhile, Silver futures (Dec 5) experienced a 0.22% increase, equating to Rs 157, as it reached Rs 71,720 per kg.

Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, expressed confidence in the bullish trajectory of bullion, stating, “Bullion’s daily charts are looking good, trading near the demand zone. Traders are advised to initiate fresh buy positions in Gold and Silver at the provided support level.”

Khare outlined the support and resistance levels for gold October futures, foreseeing support at 58850/58600 and resistance at 59100/59300. For Silver December futures, he identified the support levels as 71500/70700 and resistance at 72300/73000.

On the international front, COMEX gold experienced a 0.21% increase, reaching $1,946.8 per ounce.

Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, highlighted the anticipated range-bound trading of gold leading up to the release of US CPI inflation data on September 13. Singh identified support levels at $1915/$1900 and resistance at $1932/$1955.

Below is a notable compilation of spot gold prices in prominent Indian cities as of September 11, 2023:

Mumbai: Rs 60,765 for 24k (10 grams)
Delhi: Rs 60,840 for 24k (10 grams)
Chennai: Rs 60,860 for 24k (10 grams)
Kolkata: Rs 60,905 for 24k (10 grams)
Bengaluru: Rs 60,875 for 24k (10 grams)
Hyderabad: Rs 60,860 for 24k (10 grams)
Ahmedabad: Rs 60,880 for 24k (10 grams)
Bhopal: Rs 60,885 for 24k (10 grams)
Visakhapatnam: Rs 60,860 for 24k (10 grams)
Jaipur: Rs 60,705 for 24k (10 grams)
Lucknow: Rs 60,630 for 24k (10 grams)
Coimbatore: Rs 60,910 for 24k (10 grams)
Madurai: Rs 60,920 for 24k (10 grams)