Gold and Silver rate today (January 10, 2024): Precious metals subdued; yellow metal above Rs 62,200

Gold and Silver rate today (January 10, 2024): Domestic precious metal futures traded flat with a positive bias on Wednesday with traders parsing policymaker comments for clues on the Federal Reserve’s interest-rate path while awaiting key inflation data later in the week.

Last seen, MCX gold futures (Feb 5) were flat at Rs 62,214 per 10 grams at the last count, having traded between Rs 62,149 and Rs 62,245 earlier in the day. MCX Silver futures (Mar 5) were flat at Rs 72,090 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,200, keeping the stop loss at Rs 62,600 and a target price of Rs 61,700. For silver March futures, she recommended selling on rise at Rs 72,000, with a stop loss of Rs 73,000 and a target of Rs 70,000.

Meanwhile, COMEX gold in the international market was up 0.11 per cent at $2035.2.

"Gold had remained above $2,000 an ounce since Dec. 13 on signs policymakers are preparing to start cutting rates early in 2024. It has lost steam in recent weeks amid increasing uncertainty over the Fed’s timing, as ongoing resilient economic fundamentals have fueled speculation monetary easing may be delayed," 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 (January 10, 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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