Gold and Silver price today (January 4, 2024): Precious metals trade higher after FOMC's restrictive stance hint

Gold and Silver price today (January 4, 2024): Domestic precious metal futures traded higher on Thursday after FOMC minutes showed a restrictive stance.

Last seen, MCX gold futures (Feb 5) were up Rs 259 or 0.41 per cent at Rs 62,766 per 10 grams at the last count, having traded between Rs 62,723 and Rs 62,771 earlier in the day. MCX Silver futures (Mar 5) were up Rs 109 or 0.15 per cent at Rs 72,442 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,500, keeping the stop loss at Rs 63,000 and a target price of Rs 61,900. For silver March futures, she recommended buying on dips at Rs 72,400, with a stop loss of Rs 73,400 and a target of Rs 70,800.

"Bullions are now trading near an important support zone, we can see a good recovery from the support zone. 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 62500/62300 and resistance st 63000/63200. For Silver March futures he sees support at 72000/71000 and resistance at 74000/74500.

"The focus to remain on crucial payrolls report due Friday with cautious trend expected to persist in bullions complex ahead of same.," said Anand Rathi Commodities & Currencies' 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 4, 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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