The latest gold and silver rates saw domestic yellow metal futures inch higher on Friday, while white metal futures remained flat. This movement came as traders considered the Federal Reserve’s interest rate plans following a surprising drop in jobless claims, indicating a strong US labor market.
At the last count, MCX gold futures (Feb 5) were up 0.2 per cent or Rs 121 at Rs 61,890 per 10 grams, having traded between Rs 61,854 and Rs 61,898 earlier in the day. Meanwhile, MCX Silver futures (Mar 5) were flat with a positive bias at Rs 71,628 per kg.
Neha Qureshi, Senior Technical & Derivative Research Analyst at Anand Rathi Commodities & Currencies, recommended buying gold February futures on dips at 61,800, keeping the stop loss at Rs 61,600 and a target price of Rs 62,200. For silver March futures, she recommended buying on dips at Rs 71,500, with a stop loss of Rs 70,500 and a target of Rs 70,300.
In the international market, COMEX gold was up 0.13 per cent at $2024.2. Qureshi stated that anticipated overall movement suggests prices may stay within a range, leaning slightly negative. The impact of preliminary consumer sentiments on inflation expectations in the near term was also highlighted as a potential influencing factor.
For reference, here’s an indicative list of spot gold prices in some major Indian cities as of January 19, 2024:
– Mumbai: Rs 63,690 for 24k (10 grams)
– Delhi: Rs 63,825 for 24k (10 grams)
– Chennai: Rs 63,805 for 24k (10 grams)
– Kolkata: Rs 63,860 for 24k (10 grams)
– Bengaluru: Rs 63,870 for 24k (10 grams)
While the insight from Neha Qureshi provides some guidance for traders, additional perspectives from other experts or analysts could offer a more comprehensive understanding of the market’s current conditions and future developments. It’s also important for investors to verify prices with their jeweller before acting on any information.
