Gold and Silver rate today (March 13, 2024): Yellow metal inches higher above Rs 65,550; white metal above Rs 73,850

Gold and Silver rate today (March 13, 2024): Domestic yellow metal futures on Wednesday traded in the green, while white metal futures traded flat with a positive bias after a hotter-than-expected US inflation print dented investor hopes of a Federal Reserve pivot to monetary easing in the coming months. 

Last seen, MCX gold futures (Apr 5) were up 0.16 per cent or Rs 104 at Rs 65,585 per 10 grams at the last count, having traded between Rs 65,520 and Rs 65,592 earlier in the day. MCX Silver futures (May 5) were flat with a positive bias at Rs 73,862 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommends selling gold April futures on the rise at 65,600, keeping the stop loss at Rs 66,000 and a target price of Rs 65,000. For silver May futures she recommends selling on rise at Rs 73,900, with a stop loss of Rs 74,900 and a target of Rs 71,900. 

Technically, bullions are trading at overbought zone, and at any time profit booking can be seen as per Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking. 

Khare sees support for gold April futures at 65400/65200 and resistance at 65600/65800. For silver May futures he sees support at 73500/73000 and resistance at 74300/75000.

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2165.7.

"After hot CPI numbers released yesterday, the probability of a rate cut in May still remains above 50 %, while corrective moves seen yesterday indicate traders may remain cautious and wait for more cues on Inflation including PPI numbers & Retails Sales data along with Federal Open Market Committee’s quarterly forecasts for rates due next week. Overall the impact of the latest inflation figures has room for more corrective movements to follow in day trade today," said Qureshi.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold rate (24k) in India (March 13, 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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