Gold and Silver rate today (January 16, 2024): Precious metals trade under pressure after hawkish commentary from European central bank policymaker

Gold and Silver rate today (January 16, 2024): Domestic precious metal futures traded under pressure on Tuesday after hawkish commentary from a central bank policymaker in Europe, who cautioned against overly optimistic expectations for rate cuts. 

Last seen, MCX gold futures (Feb 5) were down 0.13 per cent or Rs 84 at Rs 62,475 per 10 grams at the last count, having traded between Rs 62,458 and Rs 62,491 earlier in the day. MCX Silver futures (Mar 5) slipped 0.26 per cent or 192 points at Rs 72,435 per kg.

"Gold stayed relatively subdued in overnight trade amid markets looking ahead for fresh triggers with raft of US data scheduled this week including retail sales and preliminary consumer sentiments," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

"Bullions are trading near the demand zone and a good recovery from there can be seen, so traders are advised to make fresh buy positions in Gold and Silver near given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold February futures at 62300/62000 and resistance at 62600/62800. For silver March futures he sees support at 72200/71200 and resistance at 73500/74000.

Meanwhile, COMEX gold in the international market was flat with a positive bias at $2052.

"Overall corrective moves cannot be ruled out as choppy US data this week amid hawkish commentaries from ECB policymakers have brought down the probabilities of US rate cut in March increasing uncertainties on the timing of rate cuts. Expect some cautious mood to persist in day trade today," 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 16, 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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