Gold and Silver rate today (January 29, 2024): Precious metals trade in green; yellow metal above Rs 62,100; white metal near Rs 72,000

Gold and Silver rate today (January 29, 2024): Domestic yellow metal futures traded in the green on Monday as the escalating tension in the Middle East boosted the safe-haven demand, which lifted the gold prices.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 61,148 per 10 grams at the last count, having traded between Rs 62,080 and Rs 61,170 earlier in the day. MCX Silver futures (Mar 5) traded Rs 186 or 0.26 per cent higher at Rs 71,959 per kg.

"Gold prices might likely be under pressure as fading rate cut hopes and anticipation of the US Fed leaving the interest rates unchanged in the upcoming Fed meet, might drag the prices lower," said Saish Sandeep Sawant Dessai, Analyst. Angel One.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on the rise at 62,300, keeping the stop loss at Rs 62,600 and a target price of Rs 61,800. For silver March futures, she recommended selling on the 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 0.33 per cent at $2023.9

"The spotlight this week will be the Federal Open Market Committee (FOMC) meeting on Wednesday. It is expected to keep rates unchanged while its expectations of further rates trajectory will be closely scrutinized amid uncertainty to persist. Meanwhile, Silver prices are to stay relatively supportive 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 29, 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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