Gold and Silver rate today (March 12, 2024): Precious metals trade flat; yellow metal above Rs 66,000; white metal above Rs 74,450

Gold and Silver rate today (March 12, 2024): Domestic precious metal futures on Tuesday were subdued with a negative bias as trader’s eye today’s consumer price index release for hints on when the US Federal Reserve may start to cut interest rates.

Last seen, MCX gold futures (Apr 5) were muted with a negative bias at Rs 66,012 per 10 grams at the last count, having traded between Rs 65,932 and Rs 66,021 earlier in the day. MCX Silver futures (May 5) were flat with negative bias at Rs 74,480 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying gold April futures on dips at 66,000, keeping the stop loss at Rs 65,500 and a target price of Rs 66,600. For silver May futures she recommends buying on dips at Rs 74,500, with a stop loss of Rs 73,500 and a target of Rs 76,500. 

Technically, bullions are trading at over-bought zone, any time profit booking can be seen as per Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking. 

Khare sees support for gold April futures at 65800/65600 and resistance at 66200/66400. For silver May futures he sees support at 74000/73500 and resistance at 75000/75500.

Meanwhile, COMEX gold in the international market was down 0.18 per cent at $2184.4.

"With CPI data in focus today, disruptions on the world’s major trade routes, refinery closures and resurgent demand are conspiring to push up global fuel prices which could add to higher inflation risks in coming months as also Inflation remains a key issue in the run-up to a US presidential election later this year. Gold could trade with cautious optimism with volatility in prices expected post-release of same in evening trade today," said Qureshi.

"Considering the fact that US CPI data of January was sticky, a continuation of the trend will weigh on gold prices. At the same time, soft inflation data will help the metal challenge the $2200-$2215 zone," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support for Spot gold at $2165/$2135 and resistance is in the $2200-$2215 zone followed by $2250.

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

City-wise gold rate (24k) in India (March 12, 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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