Today’s Market Update (September 15, 2023): Precious metals continued their upward trajectory, with Gold hovering near Rs 58,800 and Silver crossing Rs 71,600.
In the latest market developments, MCX gold futures for October 5 showed a 0.28% increase, trading at Rs 58,750 per 10 grams. The day’s trading range for gold futures fluctuated between Rs 58,673 and Rs 58,750. Simultaneously, Silver futures for December 5 displayed a 0.94% gain, reaching Rs 71,651 per kg.
According to Neha Qureshi, Senior Technical & Derivative Research Analyst at Anand Rathi Commodities & Currencies, “Gold maintains its position above the crucial $1910 per ounce mark for the week. A slight upside movement may be observed in early MCX trade, with a focus on UoM Consumer sentiments later in the day, offering insights for the upcoming week. Meanwhile, Silver prices continue to benefit from positive sentiments in China.”
Qureshi recommends considering Gold October futures for purchase on dips at 58,600, with a stop loss at Rs 58,300 and a target price of Rs 59,000. For Silver September futures, she suggests buying on dips at Rs 71,300, setting a stop loss of Rs 70,300, and targeting Rs 73,300.
Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, notes, “Bullion’s daily charts indicate a bottom formation, and they are trading near the demand zone. Traders are advised to initiate fresh buy positions in both Gold and Silver near the support level.”
Khare identifies support levels for gold October futures at 58,500/58,300 and resistance at 58,800/59,000. In the case of Silver December futures, he anticipates support at 70,600/69,800 and resistance at 71,600/72,000.
On the global front, COMEX gold experienced a 0.25% increase, reaching $1,937.7 per ounce. Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, comments, “Considering the US yields, the strength of the US economy, and a firmer Dollar, gold appears relatively expensive at the moment. However, concerns about stagflation in Europe are lending some support, leading to significant buying interest near the psychological support level of $1900. A breach of this level could push it to $1885/$1865, with resistance at $1915/$1932.”
Singh also observes a bearish outlook, with global gold ETF holdings declining for the ninth consecutive day through September 13.
For reference, here is an indicative list of spot gold prices in major Indian cities as of September 15, 2023: City-wise gold price (24k) in India (September 15, 2023)
Mumbai: Rs 60,335
Delhi: Rs 60,495
Chennai: Rs 60,440
Kolkata: Rs 60,430
Bengaluru: Rs 60,490
Hyderabad: Rs 60,455
Ahmedabad: Rs 60,480
Bhopal: Rs 60,415
Visakhapatnam: Rs 60,450
Jaipur: Rs 60,340
Lucknow: Rs 60,330
Coimbatore: Rs 60,530
Madurai: Rs 60,550
(Disclaimer: These prices are indicative and collected from reliable sources. Investors are advised to verify prices with their jewelers before making any investment decisions.)