Gold and Silver rate today (January 9, 2024): Precious metals edge higher; yellow metal above Rs 62,200

Gold and Silver rate today (January 9, 2024): Domestic precious metal futures traded in the positive territory on Tuesday after falling almost 1 per cent on Monday as investors pushed back bets on when the Federal Reserve will start cutting interest rates.

Last seen, MCX gold futures (Feb 5) rose Rs 145 or 0.23 per cent at Rs 62,240 per 10 grams at the last count, having traded between Rs 62,149 and Rs 62,245 earlier in the day. MCX Silver futures (Mar 5) soared Rs 100 or 0.14 per cent at Rs 72,527 per kg.

"Bullions are trading near an important support zone and a good recovery from there 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 62000/61800 and resistance at 62300/62500. For Silver March futures he sees support at 72000/71000 and resistance at 74000/74500.

Additionally, Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart believes gold has support at 61920-61770 and resistance at 62280-62500 while silver has support at 72000-71550 and resistance at 72950-73300. Jain suggests buying gold on dips around 61850 with a stop loss of 61660 on a closing basis for the target of 62300 and also suggests buying silver around 72000 with a stop loss of 71650 on a closing basis for the target of 72850.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,300, keeping the stop loss at Rs 62,600 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.

Meanwhile, COMEX gold in the international market was down 0.31 per cent at $2039.8.

"Gold price recovered some lost ground during the early Asian session today. The possibility that the US Federal Reserve (Fed) might extend its restrictive stance for longer indicated by the declining probability of the Fed cutting interest rates in March might exert some selling pressure on the yellow metal in the near term. However, gold traders will take more cues from the US Consumer Price Index (CPI) on Thursday for fresh direction as cooling inflation bets could again reinforce the view of an early rate cut," 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 rate (24k) in India (January 9, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.