Gold and Silver rate today (February 2, 2024): Precious metals muted a day after FM presented interim budget

Gold and Silver rate today (February 2, 2024): Domestic precious metal futures were subdued on Friday a day after the Indian Finance Minister Nirmala Sitharaman presented the interim budget.

Last seen, MCX gold futures (Feb 5) were flat with a negative bias at Rs 62,913 per 10 grams at the last count, having traded between Rs 62,913 and Rs 62,965 earlier in the day. MCX Silver futures (Mar 5) were also flat with a negative bias at Rs 72,190 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold February futures on dips at 62,900, keeping the stop loss at Rs 62,300 and a target price of Rs 63,600. For silver March futures, she recommended buying on dips at Rs 72,200, with a stop loss of Rs 71,200 and a target of Rs 74,200.

Meanwhile, COMEX gold in the international market was at $2071.1.

"Gold is heading for a weekly gain as US banking concerns are driving yields lower. Today's Focus will be on the nonfarm payrolls data, which are expected to show a slowdown in new jobs added to the economy. Softening jobs markets bodes well for the yellow metal, though profit booking could be seen later in the day," 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 2, 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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