Gold and silver rates on February 1, 2024, were down in the domestic market before the interim budget was presented by Finance Minister Nirmala Sitharaman. MCX gold futures (Feb 5) dropped to 0.11 per cent to Rs 62,665 per 10 grams, while MCX silver futures (Mar 5) were down 0.21 per cent at Rs 72,095 per kg. Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies, recommended buying gold February futures on dips at 62,700, with a target price of Rs 63,200. She also suggested buying silver March futures on dips at Rs 72,000, targeting Rs 74,000.
In the international market, COMEX gold was down 0.21 per cent at $2063.3. Qureshi expressed that despite the lack of significant reaction to the Fed press conference, there may be a rate cut expected in May/June 2024, which could impact the precious metal markets. She stated, “Overall sentiments may remain muted in day trade. However, a daily close above $2040 per ounce in the spot market is still eyed for any further upside.”
The article presented an indicative list of spot gold prices in some major Indian cities. The gold prices were recorded at Rs 64,400 in Mumbai, Rs 64,770 in Delhi, Rs 64,810 in Chennai, Rs 64,915 in Kolkata, Rs 64,580 in Bengaluru, Rs 64,580 in Hyderabad, Rs 64,820 in Ahmedabad, Rs 64,445 in Bhopal, Rs 64,780 in Visakhapatnam, Rs 64,475 in Jaipur, Rs 64,420 in Lucknow, Rs 64,690 in Coimbatore, and Rs 64,750 in Madurai.
Additional insight: The article provides a comprehensive view of the domestic and international gold and silver market, along with recommendations for trading in the futures market. It highlights the impact of the interim budget presentation and the influence of global factors on the precious metal prices. The indicative list of spot gold prices in major Indian cities gives readers a detailed understanding of the variation in rates across different regions. This insightful analysis equips investors with valuable information to make informed decisions regarding their trading activities.
