Gold and Silver price today (January 8, 2024): Yellow metal trades flat above Rs 62,500; white metal under pressure below Rs 72,400

Gold and Silver price today (January 8, 2024): Domestic yellow metal futures traded flat with a negative bias on Monday whereas white metal traded lower. Meanwhile, gold posted its first weekly drop in a month as a resilient US labor market fueled investor speculation that the Federal Reserve may delay interest-rate cuts.

Last seen, MCX gold futures (Feb 5) were flat with a negative bias at Rs 62,506 per 10 grams at the last count, having traded between Rs 62,411 and Rs 62,511 earlier in the day. MCX Silver futures (Mar 5) were down Rs 232 or 0.32 per cent at Rs 72,355 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, a good recovery from the support zone can be seen. 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 62300/62000 and resistance at 62700/63000. For Silver March futures he sees support at 72000/71000 and resistance at 74000/74500.

Meanwhile, COMEX gold in the international market was down 0.14 per cent at $2046.9.

"Gold is expected to look for further cues from US Inflation data due later in the week while the cautious trend is expected to persist ahead of same as yellow metal may bottom out in short term perspective before new upside to begin for medium-term perspective. Silver may well remain relatively weaker compared to gold as to look ahead for further macro cues due later in the week," 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 8, 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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