Gold and Silver rate today (February 23, 2024): Yellow metal subdued above Rs 62,000; white metal trades lower below Rs 70,200

Gold and Silver rate today (February 23, 2024): Domestic yellow metal futures traded flat with a positive bias on Friday, while white metal traded lower after fresh comments from Federal Reserve officials failed to clarify when the US central bank will pivot to monetary easing. 

Last seen, MCX gold futures (Apr 5) were muted at Rs 62,040 per 10 grams at the last count, having traded between Rs 62,038 and Rs 62,108 earlier in the day. MCX Silver futures (Mar 5) were down Rs 96 or 0.14 per cent at Rs 70,173 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold April futures on the rise at 62,000, keeping the stop loss at Rs 62,300 and a target price of Rs 61,600. For silver March futures, she recommended selling on the rise at Rs 70,300, with a stop loss of Rs 71,300 and a target of Rs 68,500.

Meanwhile, COMEX gold in the international market was up 0.18 per cent at $2034.4.

"Gold is expected to trade with a bearish bias on receding odds of an early and sharp rate cuts by the Fed," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support for spot gold at $1998, while resistance is at $2033 followed by $2050/$2065.

"With comments from US policymakers indicating rate cut is still far away in June, Gold still holds within a narrow trading band while may end the week with mild gain amid focus to remain on the trajectory of interest rates in other major economies such as Euro Zone & UK. Silver on the other hand had declined more than 4 per cent year to date as compared to an almost 2 per cent decline in Gold prices in international markets indicating traders holding on to yellow metal amid expectations of monetary easing in the next quarter which always benefits yellow metal," 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 23, 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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