Gold and Silver rate today (February 28, 2024): Precious metals trade under pressure ahead of US data Q4 GDP data

Gold and Silver rate today (February 28, 2024): Domestic precious metal futures traded in the green on Wednesday ahead of the key US data Q4 GDP growth rate, ISM manufacturing, and PCE deflator inflation.

Last seen, MCX gold futures (Apr 5) were flat with negative bias at Rs 62,241 per 10 grams at the last count, having traded between Rs 62,210 and Rs 62,258 earlier in the day. MCX Silver futures (Mar 5) were down Rs 160 or 0.23 per cent at Rs 68,925 per kg.

"Considering the current economic data, Federal Reserve policy expectations, and market sentiment, the outlook for gold in the short term appears mildly positive while Silver could continue to remain volatile amid near-term positional adjustments in futures contract with key focus remaining on current week macro data including US GDP," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended buying gold April futures on dips at 62,200, keeping the stop loss at Rs 61,800 and a target price of Rs 62,700. For silver March futures, she recommended buying on dips at Rs 70,900, with a stop loss of Rs 69,900 and a target of Rs 72,900.

Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd., a Fintech brokerage house in India expects gold to trade lower towards 62,000 levels, a break of which could prompt the price to move lower towards 61,830 levels.

Meanwhile, COMEX gold in the international market was down 0.20 per cent at $2040.

"Gold may continue to range trade ahead of US PCE deflator data to be released Thursday," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas 

Singh sees support for spot gold at $202/$2006 and resistance at $2033/$2050.

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

City-wise gold rate (24k) in India (February 28, 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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