Gold and Silver rate today (February 26, 2024): Precious metals trade lower; yellow metal below Rs 62,250; white metal below Rs 70,150

Gold and Silver rate today (February 26, 2024): Domestic precious metal futures traded in the red on Monday as the market waited for much clarity on when the Federal Reserve would start cutting interest rates.

Last seen, MCX gold futures (Apr 5) were down Rs 120 or 0.19 per cent at Rs 62,225 per 10 grams at the last count, having traded between Rs 62,198 and Rs 62,327 earlier in the day. MCX Silver futures (Mar 5) were down Rs 362 or 0.51 per cent at Rs 70,117 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold April futures on dips at 62,300, keeping the stop loss at Rs 62,000 and a target price of Rs 62,700. For silver March futures, she recommended buying on dips at Rs 70,400, with a stop loss of Rs 69,400 and a target of Rs 72,400.

Meanwhile, COMEX gold in the international market was down 0.41 per cent at $2041.3.

"Precious metals will brace for volatility amid focus to remain on Core PCE price index and consumer spending from the US to be released later during the week followed by manufacturing PMIs from US & China alongside speeches by various Federal Reserve officials. Investor focus has also shifted towards inflation data from Japan and Europe that will help refine expectations for future rate moves Rising geopolitical tensions last week did provide some safe-haven demand to gold last week while fresh hopes on Gaza ceasefire emerge this week," said Anand Rathi Commodities & Currencies' Qureshi.

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas sees support for spot gold at $2030/$2010/$2000/$1984 and resistance at $2050 followed by $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 26, 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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