Gold and Silver price today (January 2, 2024): Precious metals trade in green; yellow metal above Rs 63,350

Gold and Silver price today (January 2, 2024): Domestic precious metal futures traded in green on Tuesday after notching up its first annual gain in three years as investors increased bets that the Federal Reserve will start to cut rates in the months ahead.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 63,375 per 10 grams at the last count, having traded between Rs 62,329 and Rs 63,385 earlier in the day. MCX Silver futures (Mar 5) were up Rs 135 or 0.18 per cent at Rs 74,525 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold February futures on dips at 63,300, keeping the stop loss at Rs 63,000 and a target price of Rs 63,900. For silver March futures, she recommended buying on dips at Rs 74,400, with a stop loss of Rs 73,400 and a target of Rs 76,400.

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

Khare sees support for gold February futures at 63200/62900 and resistance at 63600/64000. For silver March futures he sees support at 74100/73600 and resistance at 75000/75500.

"Traders will look to US data releases later this week, including employment figures, that may influence the Fed’s monetary policy stance. Overall with Spot gold trading steady in early trade MCX Gold may open slightly higher with dip buying still favourable for the day," 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 2, 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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