Gold and Silver rate today (January 23, 2024): Precious metals trade higher; yellow metal near Rs 62,000

Gold and Silver rate today (January 23, 2024): Domestic precious metal futures inched higher on Tuesday, as investors scaled back expectations for a U.S. interest rate cut in March due to a surge in equity markets, reducing interest in the safe-haven asset.

Last seen, MCX gold futures (Feb 5) were up 0.19 per cent or Rs 115 at Rs 61,983 per 10 grams at the last count, having traded between Rs 61,904 and Rs 61,988 earlier in the day. MCX Silver futures (Mar 5) rose Rs 184 or 0.26 per cent at Rs 71,000 per kg.

"Last week, gold saw its largest weekly decline in six weeks, down 1 per cent, following the Federal Reserve's stance on awaiting more inflation data before considering rate adjustments, with a possible timeline in the third quarter. Investors are now eyeing upcoming economic indicators, including the U.S. flash PMI report, fourth-quarter GDP estimates, and personal consumption expenditures data, for insights into potential shifts in interest rates," said Saish Sandeep Sawant Dessai, Analyst, Angel One.

Dessai expects gold to trade lower towards 61500 levels, a break of which could prompt the price to move lower towards 61280 levels.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold February futures on dips at 62,000, keeping the stop loss at Rs 62,500 and a target price of Rs 61,300. For silver March futures, she recommended buying on dips at Rs 70,800, with a stop loss of Rs 72,000 and a target of Rs 69,000.

Meanwhile, COMEX gold in the international market was up 0.29 per cent at $2028 

"Gold remains under pressure as the absence of fresh cues about Middle-East tensions had also trimmed the appeal for bullion. Expectations remain of sharp volatility ahead of a data-packed week and Gold remains vulnerable to find supports in the range of $ 2000 – 1990 in spot markets this week. The US Dollar Index hovers near the crucial support of 103.00 ahead of the release of key economic indicators such as preliminary Q4 Gross Domestic Product (GDP) data and core Personal Consumption Expenditure (PCE) price index for December," 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 23, 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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