Gold and Silver rate today (February 1, 2024): Precious metals trade lower; should you buy?

Gold and Silver rate today (February 1, 2024): Domestic precious metal futures traded in the negative territory on Thursday ahead of the interim budget which will be presented by Finance Minister Nirmala Sitharaman at 11 a.m.

Last seen, MCX gold futures (Feb 5) were down 0.11 per cent or Rs 70 at Rs 62,665 per 10 grams at the last count, having traded between Rs 62,639 and Rs 62,674 earlier in the day. MCX Silver futures (Mar 5) were down 0.21 per cent or Rs 152 at Rs 72,095 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold February futures on dips at 62,700, keeping the stop loss at Rs 62,300 and a target price of Rs 63,200. For silver March futures, she recommended buying on dips at Rs 72,000, with a stop loss of Rs 71,000 and a target of Rs 74,000.

Meanwhile, COMEX gold in the international market was down 0.21 per cent at $2063.3.

"Precious metals haven’t reacted much post Fed press conference as odds of a rate cut in March declines with markets expecting a rate cut in May/June this year. Overall sentiments may remain muted in day trade. However a daily close above $ 2040 per ounce is still eyed in spot for any further upside while Non farm payrolls due tomorrow could remain in the spotlight," 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 (February 1, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.