Gold and Silver rate today (February 8, 2024): Precious metals trade in red ahead of RBI monetary policy

Gold and Silver rate today (February 8, 2024): Domestic precious metal futures traded under pressure on Thursday ahead of the Reserve Bank of India (RBI) policy decision.

Last seen, MCX gold futures (Apr 5) were down 0.1 per cent or Rs 64 at Rs 62,460 per 10 grams at the last count, having traded between Rs 62,436 and Rs 62,463 earlier in the day. MCX Silver futures (Mar 5) declined 0.28 per cent or Rs 197 at Rs 70,114 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold April futures on rise at 62,600, 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 70,300, with a stop loss of Rs 71,300 and a target of Rs 68,500.

"Bullions are showing now some profit booking and important levels for gold April futures the support is at 62400/62200 and resistance is at 62600/62800. Meanwhile, for silver March contract support is at 70000/69700 and resistance is at 70700/71300," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2049.9.

"The yellow metal had traded in a narrow band this year amid a lack of clarity over when the Fed is likely to start easing monetary policy. Yesterday, four central bank officials suggested they don’t see an urgent case for lowering interest rates, adding to a roster of policymakers in recent days who made clear a cut isn’t likely until May at the earliest," said Anand Rathi Commodities & Currencies' Qureshi.

Qureshi added gold is expected to trade in a range today while Silver may remain steady at lower levels in day trade with strong supports expected in the range of 22.10 - 21.70 for medium-term perspective.

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

City-wise gold rate (24k) in India (February 8, 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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