Gold and Silver price today (January 5, 2024): Yellow metal trades flat with positive bias; white metal near Rs 72,500

Gold and Silver price today (January 5, 2024): Domestic yellow metal futures traded flat with a positive bias on Friday after strong US jobs data made traders rethink bets on the timing and pace of the Federal Reserve’s next steps.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 62,671 per 10 grams at the last count, having traded between Rs 62,631 and Rs 62,684 earlier in the day. MCX Silver futures (Mar 5) were up Rs 155 or 0.21 per cent at Rs 72,491 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,600, keeping the stop loss at Rs 63,000 and a target price of Rs 61,900. For silver March futures, she recommended selling on rise 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 and some good recovery can be seen from there. 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 at 63000/63200. For Silver March futures he sees support at 72000/71000 and resistance at 74000/74500.

Meanwhile, COMEX gold in the international market was up 0.11 per cent at $2052.3.

"After weekly losses seen, Gold could now look ahead to all important non-farm payroll numbers due today for further direction as data may show job growth resuming its slowdown with major job gains being concentrated in health care and government which are the two cyclical sectors with flat to negative growth seen in most industries. Overall expect cautious moves ahead of data and volatility is expected to persist post-release 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 5, 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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