Gold and Silver rate today (March 6, 2024): Precious metals trade under pressure; yellow metal below Rs 64,750; white metal below Rs 73,100

Gold and Silver rate today (March 6, 2024): Domestic precious metal futures on Wednesday traded under pressure. The yellow metal was below Rs 64,750 and the white metal was below Rs 73,100. 

Last seen, MCX gold futures (Apr 5) were down Rs 135 or 0.21 per cent at Rs 64,710 per 10 grams at the last count, having traded between Rs 64,702 and Rs 64,735 earlier in the day. MCX Silver futures (May 5) were flat with a negative bias at Rs 73,080 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying Gold April futures on dips at 64,800, keeping the stop loss at Rs 64,400 and a target price of Rs 65,300. For Silver May futures she recommends buying on dips at Rs 73,300, with a stop loss of Rs 72,300 and a target of Rs 75,300. 

Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd., a Fintech brokerage house in India expects gold to trade lower towards 64600 levels, a break of which could prompt the price to move lower towards 64460 levels.

Meanwhile, COMEX gold in the international market was down 0.42 per cent at $2132.8.

"Gold is expected to be highly volatile in this eventful and data-packed week. Gold bulls are riding the wave of rate cut optimism, which can easily turn its course on strong job data out of the US. Investors are likely to adopt the dip buying strategy," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support for Spot gold at $2100/$2088 and resistance at $2150/$2175. 

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

City-wise gold rate (24k) in India (March 6, 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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