Gold and Silver rate today (February 27, 2024): Domestic precious metal futures traded in the green on Tuesday, with traders gearing up for a slew of US economic data and remarks from policymakers that may shape the outlook for interest rates.
Last seen, MCX gold futures (Apr 5) were up Rs 85 or 0.14 per cent at Rs 62,234 per 10 grams at the last count, having traded between Rs 62,200 and Rs 62,292 earlier in the day. MCX Silver futures (Mar 5) were flat with a positive bias at Rs 69,480 per kg.
Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold April futures on dips at 62,100, keeping the stop loss at Rs 61,800 and a target price of Rs 62,500. For silver March futures, she recommended buying on dips at Rs 69,400, with a stop loss of Rs 68,400 and a target of Rs 71,400.
Meanwhile, COMEX gold in the international market was up 0.14 per cent at $2041.7.
“Overall markets could continue to remain volatile amid data packed week ahead with key data point that investors could watch is the Federal Reserve’s favored inflation gauge due Thursday,” said Anand Rathi Commodities & Currencies’ Qureshi.
She added the core personal consumption expenditures price index is expected to show the biggest advance in a year, highlighting the bumpy path the central bank faces in achieving its 2 per cent target. Also, US GDP along with speeches from Fed officials augment volatility ahead.
“Gold may trade range-bound ahead of key US data like GDP growth rate, ISM manufacturing and PCE deflator inflation data, though bias remains bearish,” said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas
Singh sees support for spot gold at at $2025/$2003 and resistance at $2032/$2050/$2065.
Here’s an indicative list of spot gold prices in some of the major Indian cities:
City-wise gold rate (24k) in India (February 27, 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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