Gold and Silver rate today (February 16, 2024): Yellow metal flat above Rs 61,600; white metal trades higher above Rs 71,250

Gold and Silver rate today (February 16, 2024): Domestic yellow metal futures traded flat with a positive bias on Friday, while white metal futures traded higher as softer U.S. economic data led to a decline in the U.S. dollar and Treasury yields.

Last seen, MCX gold futures (Apr 5) were muted with a positive bias at Rs 61,641 per 10 grams at the last count, having traded between Rs 61,629 and Rs 61,689 earlier in the day. MCX Silver futures (Mar 5) rose 0.22 per cent or Rs 160 at Rs 71,281 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold April futures on the rise at 61,600, keeping the stop loss at Rs 62,000 and a target price of Rs 61,000. For silver March futures, she recommended buying on the dips at Rs 71,100, with a stop loss of Rs 70,100 and a target of Rs 73,100.

"The unexpected drop in U.S. retail sales for January, along with a decrease in initial claims for state unemployment benefits, contributed to the weakening of the dollar index. This, in turn, enhanced the appeal of non-yielding gold for overseas buyers," said Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd.

Dessai expects gold to trade higher towards 61960 levels, a break of which could prompt the price to move higher towards 62240 levels.

Meanwhile, COMEX gold in the international market was flat with a positive bias at $2016.1.

"We may see supports building up in the white metal in it’s run-up to next week as the same might be considered to be favourable as compared to gold. Next resistance for the same might be witnessed around the $ 23.60-23.70 range a weekly close above which is required for strong momentum build-up for next 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 rate (24k) in India (February 16, 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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