Gold and Silver rate today (January 31, 2024): Yellow metal subdued above Rs 62,450; white metal above Rs 72,250

Gold and Silver rate today (January 31, 2024): Domestic yellow metal futures traded flat with a positive bias on Wednesday, while white metal futures were flat with a negative bias amid expectations that the Federal Reserve will keep rates unchanged on Wednesday’s meeting.

Last seen, MCX gold futures (Feb 5) were muted at Rs 62,457 per 10 grams at the last count, having traded between Rs 62,453 and Rs 62,457 earlier in the day. MCX Silver futures (Mar 5) traded subdued at Rs 72,292 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,500, keeping the stop loss at Rs 62,800 and a target price of Rs 62,000. For silver March futures, she recommended selling on rise at Rs 72,400, with a stop loss of Rs 73,400 and a target of Rs 70,400.

"We expect gold to trade lower towards 62200 levels, a break of which could prompt the price to move lower towards 62030 levels," said Saish Sandeep Sawant Dessai, Analyst. Angel One.

Meanwhile, COMEX gold in the international market was flat with a positive bias at $2051.6

"With better-than-expected US macro cues released yesterday, Gold continues to struggle for traction above $2,030 in Wednesday's Asian session. The US Dollar continues to hold above 103 amid a risk-off mood, despite falling US Treasury bond yields. All eyes now remain on the Fed's decision for a fresh direction on gold as a cautious mood prevails in day trade today. However markets may turn volatile ahead of the meet in evening trade while Silver is expected to remain cautiously bullish in short term perspective with targets of $ 23.60 – 23.90 still looks achievable in day trade," 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 31, 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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