Gold and Silver rate today (January 24, 2024): Precious metals subdued; yellow metal near Rs 62,000; white metal above Rs 71,000

Gold and Silver rate today (January 24, 2024): Domestic precious metal futures were muted on Wednesday, as markets remained cautious ahead of US economic data that may provide a steer on the outlook for monetary easing.

Last seen, MCX gold futures (Feb 5) were flat with positive bias at Rs 61,976 per 10 grams at the last count, having traded between Rs 61,976 and Rs 61,998 earlier in the day. MCX Silver futures (Mar 5) traded in green at Rs 71,002 per kg.

"This week's focus includes the U.S. flash PMI report, fourth-quarter GDP estimates, and personal consumption expenditures data. Fed officials emphasized the need for more inflation data before considering rate cuts, with the baseline set in the third quarter. Markets expect the US Fed to maintain unchanged rates at the upcoming policy meeting on Jan. 30-31," 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.

Qureshi recommended selling gold February futures on rise at 61,900, keeping the stop loss at Rs 62,300 and a target price of Rs 61,300. For silver March futures, she recommended selling on rise at Rs 71,000, with a stop loss of Rs 72,000 and a target of Rs 69,000.

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2025.2

"Fundamentally speaking, strong US economic data and hawkish sentiments from the Federal Reserve (Fed) have kept upside limited in yellow metal in recent sessions, as doubts persist about an impending Fed rate cutting cycle. In that sense, as markets start to adjust their bets on the Fed, with inflationary concerns persisting long-term yields remain elevated as the upside potential for the metal may remain capped ahead of fresh macro cues from the US due later in the week," 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 24, 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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