Gold and Silver rate today (February 22, 2024): Precious metals trade in green; yellow metal above Rs 62,100; white metal above Rs 71,700

Gold and Silver rate today (February 22, 2024): Domestic precious metal futures traded in the green on Thursday, with yellow metal trading flat with a positive bias and white metal trading higher 

Last seen, MCX gold futures (Apr 5) were muted at Rs 62,135 per 10 grams at the last count, having traded between Rs 62,052 and Rs 62,279 earlier in the day. MCX Silver futures (Mar 5) were up Rs 104 or 0.15 per cent at Rs 71,713 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold April futures on the dips at 61,200, keeping the stop loss at Rs 61,800 and a target price of Rs 62,500. For silver March futures, she recommended buying on the dips at Rs 70,600, with a stop loss of Rs 69,600 and a target of Rs 72,600.

Meanwhile, COMEX gold in the international market was up 0.12 per cent at $2036.9.

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas believes that gold may drop on hawkish FOMC minutes.

"Weekly US jobless claims will also be closely watched by investors; however, unless the US services and manufacturing PMIs turn out to be a significant miss, gold will find it difficult to stage a sustainable rally. The outlook remains bearish in the short term," said Singh 

Singh sees support for Spot gold at $1997/$1965 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 22, 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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