Gold and Silver rate today (February 12, 2024): Yellow metal trade in red below Rs 62,250; white metal edge higher above Rs 71,000

Gold and Silver rate today (February 12, 2024): Domestic yellow metal futures traded under pressure on Monday weighed by a stronger dollar and higher treasury yields. Meanwhile, white metal edged higher.

Last seen, MCX gold futures (Feb 5) were down 0.11 per cent or Rs 67 at Rs 62,227 per 10 grams at the last count, having traded between Rs 62,227 and Rs 62,247 earlier in the day. MCX Silver futures (Mar 5) gained 0.33 per cent or Rs 236 at Rs 71,010 per kg.

Neha Qureshi, Senior Technical and 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 61,800. For silver March futures, she recommended selling on rise at Rs 70,800, with a stop loss of Rs 69,800 and a target of Rs 72,800.

Meanwhile, COMEX gold in the international market was down 0.13 per cent at $2,049.

"The current market sentiment suggests a slightly bearish outlook for gold, but this could quickly shift depending on tomorrow data and the Federal Reserve’s interpretation of it. On the other hand Silver may see wild moves as compared to Gold this week while may remain cautious ahead of crucial data point," 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 (February 12, 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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