Gold and Silver price today (January 1, 2024): Yellow metal trades flat above Rs 63,250; white metal above Rs 74,300

Gold and Silver price today (January 1, 2024): Domestic yellow metal futures traded flat with a positive bias on Monday for the first session of 2024.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 63,261 per 10 grams at the last count, having traded between Rs 62,225 and Rs 63,2687 earlier in the day. 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, 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.

"Bullions are looking strong, so traders are advised to make fresh buy positions in Gold and Silver near given support level one," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold February futures at 62900/62600 and resistance at 63300/63500. For silver March futures he sees support at 73200/72400 and resistance at 75000/75500.

"The yellow metal has witnessed a spectacular year 2023 and now fresh start to 2024 could see Employment and Manufacturing PMI data for December due which could be the major focus of this week. Overall we anticipate gold to witness supports at lower levels in day trade as a seasonally strong month of January could also remain a major positive factor for Gold this month," said Anand Rathi Commodities & Currencies's Qureshi. 

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (January 1, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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