The latest gold and silver prices for January 1, 2024, show domestic gold futures being traded on a flat note with a positive bias for the first session of the year, according to reports. MCX gold futures (Feb 5) were flat with a positive bias at Rs 63,261 per 10 grams at the last count, after trading between Rs 62,225 and Rs 63,2687 earlier in the day. Meanwhile, MCX Silver futures (Mar 5) were down Rs 98 or 0.13 per cent at Rs 74,332 per kg.
Neha Qureshi, Senior Technical & Derivative Research Analyst at Anand Rathi Commodities & Currencies, recommended selling gold February futures on rise at 63,200, keeping the stop loss at Rs 63,600 and a target price of Rs 62,600. For silver March futures, she recommended selling on rise at Rs 74,300, with a stop loss of Rs 75,300 and a target of Rs 72,300. Qureshi also noted that gold had a spectacular year in 2023 and the fresh start to the year 2024 could see a focus on Employment and Manufacturing PMI data for December. She anticipated gold to witness supports at lower levels on the back of a seasonally strong month of January, which could remain a major positive factor for gold this month.
The article goes on to provide an indicative list of spot gold prices in major Indian cities, and advises investors to verify these prices with their jeweler before making any decisions. Additional insight could include commentary on the broader economic context and the factors influencing the gold and silver markets, such as geopolitical events, inflation, and central bank policies. It is also important to highlight the volatility inherent in commodities markets and the risk involved in trading futures contracts.
