Gold and Silver rate today (February 21, 2024): Precious metals trade in positive territory; yellow metal above Rs 62,200; white metal near Rs 71,400

Gold and Silver rate today (February 21, 2024): Domestic precious metal futures traded in the green on Wednesday, with yellow metal trading flat with a positive bias and white metal trading higher propelled by a weakening dollar, while investor attention turned to the impending release of the U.S. Federal Reserve's minutes from its latest monetary policy meeting.

Last seen, MCX gold futures (Apr 5) were muted at Rs 62,215 per 10 grams at the last count, having traded between Rs 62,195 and Rs 62,220 earlier in the day. MCX Silver futures (Mar 5) were up Rs 135 or 0.19 per cent at Rs 71,390 per kg.

"We expect gold to trade lower towards 61900 levels, a break of which could prompt the price to move lower towards 61750 levels," said Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd., a Fintech brokerage house in India.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying gold April futures on dips at 62,200, keeping the stop loss at Rs 61,900 and a target price of Rs 62,700. For silver March futures, she recommends buying on dips at Rs 71,400, with a stop loss of Rs 70,400 and a target of Rs 73,400.

Meanwhile, COMEX gold in the international market was flat with a positive bias at $2040.9.

"With gold cautiously rising ahead of meeting minutes scheduled later today, the same will be closely scrutinized on trajectory of interest rate cuts that lie ahead in the year. Technicals show modest buying may remain if prices rise above $2,035, and large-scale buying may emerge if prices break and close above $2,055 per ounce levels. Meanwhile Silver looks favorably poised it it breaches and close above $ 23.60 per ounce levels in Spot," 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 21, 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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