Gold and Silver rate today (February 5, 2024): Precious metals trade under pressure; yellow metal below Rs 62,450

Gold and Silver rate today (February 5, 2024): Domestic precious metal futures traded under pressure on Monday amid pressure from higher Treasury yields and a stronger US dollar, as markets slashed wagers on an interest rate cut in March. 

Last seen, MCX gold futures (Feb 5) were down 157 points or 0.25 per cent at Rs 62,405 per 10 grams at the last count, having traded between Rs 62,400 and Rs 62,493 earlier in the day. MCX Silver futures (Mar 5) slipped 0.43 per cent or 308 points at Rs 70,900 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold February futures on dips at 62,500, keeping the stop loss at Rs 63,000 and a target price of Rs 61,800. For silver March futures, she recommended buying on dips at Rs 71,200, with a stop loss of Rs 72,200 and a target of Rs 69,200.

Meanwhile, COMEX gold in the international market was down by 0.31 per cent at $2047.7.

"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 jbs 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 5, 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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