Gold and Silver rate today (February 7, 2024): Precious metals under pressure; yellow metal below Rs 62,550; white metal below Rs 70,450

Gold and Silver rate today (February 7, 2024): Domestic precious metal futures traded under pressure on Wednesday ahead of the Reserve Bank of India (RBI) policy decision.

Last seen, MCX gold futures (Feb 5) were down 0.11 per cent or Rs 68 at Rs 62,506 per 10 grams at the last count, having traded between Rs 62,492 and Rs 62,522 earlier in the day. MCX Silver futures (Mar 5) declined 0.26 per cent or Rs 184 at Rs 70,410 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,500, keeping the stop loss at Rs 62,900 and a target price of Rs 62,000. For silver March futures, she recommended selling on rise at Rs 70,500, with a stop loss of Rs 71,500 and a target of Rs 69,000.

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2050.5.

"Gold steadied with falling yields as China's lunar New Year festivities kick off later this week. However, off-season persists in China demand for jewellery remains strong amid festival buying to persist in China. US yields may also remain supportive for yellow metal amid the first of this week’s three US debt sales kicking off with solid demand," said Anand Rathi Commodities & Currencies' Qureshi.

Qureshi added a $54-billion auction of three-year notes yesterday bolstered sentiment amid stronger-than-expected demand from investors, with the warm reception likely to bode well for today’s record $42 billion sale of 10-year notes. Expectations remain of steady trade to persist in yellow metal today.

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

City-wise gold rate (24k) in India (February 7, 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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