Gold and Silver rate today (February 14, 2024): Precious metals trade in red; yellow metal below Rs 61,450; white metal slips over Rs 250

Gold and Silver rate today (February 14, 2024): Domestic precious metal futures traded under pressure on Wednesday as hotter-than-expected US inflation damped hopes for a rate cut in the first half. 

Last seen, MCX gold futures (Apr 5) were down 0.11 per cent or Rs 70 at Rs 61,445 per 10 grams at the last count, having traded between Rs 61,373 and Rs 61,445 earlier in the day. MCX Silver futures (Mar 5) declined 0.41 per cent or Rs 289 at Rs 69,350 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold April futures on the rise at 62,500, keeping the stop loss at Rs 62,000 and a target price of Rs 61,000. For silver March futures, she recommended selling on the rise at Rs 69,600, with a stop loss of Rs 70,600 and a target of Rs 68,000.

"We expect gold to trade lower towards 61100 levels, a break of which could prompt the price to move lower towards 60850 levels," said Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd.

Meanwhile, COMEX gold in the international market was down 0.13 per cent at $2004.6.

"Gold is vulnerable to further downside risk, given there is a slowdown in seasonal demand in Asia where there is reduced liquidity due to the Lunar New Year holidays. Global holdings in gold-backed exchange-traded funds are also at the lowest since January 2020 after outflows accelerated last month," said Anand Rathi Commodities & Currencies' Qureshi.

Qureshi added silver having fallen rapidly since December months could still look ahead for more cues from physical markets while sentiments remain negative in terms of strengthening the dollar index.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold rate (24k) in India (February 14, 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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