Gold and Silver rate today (January 17, 2024): Yellow metal trades flat; white metal under pressure; Gold above Rs 62,000

Gold and Silver rate today (January 17, 2024): Domestic yellow metal futures were subdued on Wednesday while white metal traded under pressure as investors dialed back expectations on how soon the Federal Reserve would cut interest rates.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 62,060 per 10 grams at the last count, having traded between Rs 62,026 and Rs 62,066 earlier in the day. MCX Silver futures (Mar 5) slipped 0.21 per cent or 150 points at Rs 71,943 per kg.

"Sentiments turned negative yesterday as Federal Reserve Governor Christopher Waller acknowledged likely interest rate cuts this year, but said the central bank can take its time relaxing monetary policy which weighed on the expectations of interest rate cuts in March resulting in corrective moves in Gold," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

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

Khare sees support for gold February futures at 62000/61800 and resistance at 62300/62500. For silver March futures he sees support at 71700/71000 and resistance at 72500/73000.

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2029.2

"Moving ahead spotlight could remain on retail sales and industrial production numbers due today as corrective moves could continue with Gold (CMP $2028 per ounce) may correct up to $ 2015 -2020 per ounce in spot markets 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 17, 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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