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March 1, 2024
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Precious Metals

Gold and Silver rate today (January 12, 2024): Precious metals edge higher; yellow metal near Rs 62,200

Gold and Silver rate today (January 12, 2024): Domestic precious metal futures edged higher on Friday after data showed US inflation accelerated more than expected, casting doubt on market expectations that the Federal Reserve will soon start cutting interest rates.

Last seen, MCX gold futures (Feb 5) rose 0.67 per cent or Rs 412 at Rs 62,200 per 10 grams at the last count, having traded between Rs 62,925 and Rs 62,356 earlier in the day. MCX Silver futures (Mar 5) were up Rs 535 or 0.75 per cent at Rs 72,889 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,000, keeping the stop loss at Rs 62,500 and a target price of Rs 61,500. For silver March futures, she recommended selling on rise at Rs 72,000, with a stop loss of Rs 73,000 and a target of Rs 70,000.

“Bullions are now trading near the demand zone and good recovery is expected any time. So traders are advised to make fresh buy positions in Gold and Silver near the given support level,” said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold February futures at 61750/61500 and resistance at 62300/62500. For silver March futures he sees support at 71300/71000 and resistance at 72500/73000.

Meanwhile, COMEX gold in the international market was up over 1 per cent at $2039.7.

“Markets may continue to speculate the timing of interest rate cuts in March meeting leading to subdued day trade while focus to remain on US PPI data due today which is more closely followed by US Fed which could further determine stance for Fed monetary policy easing as CME tool still shows a probability of around 70 % by March. Also, US-led airstrikes in Yemen could keep sentiments positive for Gold 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 12, 2024)

Cities Gold prices for 24k (10 grams)
Mumbai Rs 64,015
Delhi Rs 64,195
Chennai Rs 64,190
Kolkata Rs 64,190
Bengaluru Rs 64,220
Hyderabad Rs 64,165
Ahmedabad Rs 64,205
Bhopal Rs 64,075
Visakhapatnam Rs 64,180
Jaipur Rs 64,195
Lucknow Rs 64,035
Coimbatore Rs 64,230
Madurai Rs 64,250

(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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