Gold and Silver rate today (February 6, 2024): Precious metals subdued; yellow metal above Rs 62,250; white metal over Rs 70,400

Gold and Silver rate today (February 6, 2024): Domestic precious metal futures traded flat with negative bias on Tuesday influenced by robust U.S. jobs data and comments from Federal Reserve Chair Jerome Powell that tempered expectations for early rate cuts.

Last seen, MCX gold futures (Feb 5) were muted at Rs 62,270 per 10 grams at the last count, having traded between Rs 62,261 and Rs 62,294 earlier in the day. MCX Silver futures (Mar 5) were subdued at Rs 70,431 per kg.

"We expect gold to trade lower towards 61900 levels, a break of which could prompt the price to move lower towards 61620 levels," said Saish Sandeep Sawant Dessai, Analyst, Angel One Ltd.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold February futures on rise at 62,300, keeping the stop loss at Rs 62,600 and a target price of Rs 61,800. For silver March futures, she recommended selling on rise at Rs 70,500, with a stop loss of Rs 71,500 and a target of Rs 69,000.

Meanwhile, COMEX gold in the international market was down by 0.16 per cent at $2039.7.

"Gold came under intense pressure yesterday amid hawkish remarks and positive macro cues weighing on sentiments. With China's physical demand to remain subdued amid the start of the lunar new year break later this week, could keep the upside limited for the day. However from a medium-term perspective, due to higher borrowing costs, US banks have tightened lending standards and expect loan quality to deteriorate with write-offs anticipated to rise through 2024," said Anand Rathi Commodities & Currencies' Qureshi.

Qureshi added at the same time, loan demand continues to weaken with high borrowing costs, tight lending conditions, and a reluctance to borrow pointing to a slowdown in the second.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold rate (24k) in India (February 6, 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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