Gold and Silver price today (January 3, 2024): Precious metals subdued; yellow metal above Rs 63,250

Gold and Silver price today (January 3, 2024): Domestic precious metal futures changed little on Wednesday after traders reined in their bets on the scale of interest-rate cuts.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 63,297 per 10 grams at the last count, having traded between Rs 63,257 and Rs 63,297 earlier in the day. MCX Silver futures (Mar 5) were flat with negative bias at Rs 74,064 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 62,600 and a target price of Rs 64,100. For silver March futures, she recommended buying on dips at Rs 74,000, with a stop loss of Rs 73,000 and a target of Rs 76,000.

"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 63100/62800 and resistance at 63500/63700. For silver March futures he sees support at 74000/73400 and resistance at 75000/75500.

"Some minor profit booking is expected in while silver could see further selling pressure amid rise in yields from lows yesterday profit ahead of payrolls report due Friday," 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 3, 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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