Gold and Silver rate today (March 5, 2024): Precious metals trade in red; Yellow metal below Rs 63,350; white metal below Rs 73,450

Gold and Silver rate today (March 5, 2024): Domestic precious metal futures on Tuesday traded in red amid rate cut talks.

Last seen, MCX gold futures (Apr 5) were down Rs 81 or 0.13 per cent at Rs 63,381 per 10 grams at the last count, having traded between Rs 64,331 and Rs 64,387 earlier in the day. MCX Silver futures (May 5) were flat with a negative bias at Rs 73,412 per kg.

Meanwhile, COMEX gold in the international market was down 0.23 per cent at $2121.4.

"Spot gold moving with this huge upward momentum without any plausible explanations means that amid rate cut talks, buyers are concerned mainly with the direction, not the level. The metal can easily surpass its all-time high of $2135 in this scenario; however, with crucial data and events ahead in the weak, sharp corrections are not ruled out either," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support for Spot gold at $2088/$2065 and resistance at $2135/$2150/$2175. He added traders are likely to buy the dips with a stop loss below $2065.

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

City-wise gold rate (24k) in India (March 5, 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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