Gold and Silver rate today (March 4, 2024): Precious metals trade under pressure; yellow metal near Rs 63,500; white metal below Rs 72,100

Gold and Silver rate today (March 4, 2024): Domestic precious metal futures on Monday traded under pressure after surging in Friday's trade on weaker than-expected US economic data, which bolstered the case for the Federal Reserve to pivot to monetary easing. 

Last seen, MCX gold futures (Apr 5) were down Rs 70 or 0.11 per cent at Rs 63,493 per 10 grams at the last count, having traded between Rs 63,401 and Rs 63,502 earlier in the day. MCX Silver futures (May 5) slipped Rs 202 or 0.28 per cent at Rs 72,076 per kg.

"Gold will eye a volatile week amid Investors to take more cues from the Chinese Caixin Services PMI due on Tuesday amid, the development surrounding the stimulus measure from the Chinese authorities could provide some support for the gold price," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended buying gold April futures on dips at 63,500, keeping the stop loss at Rs 63,000 and a target price of Rs 64,200. For silver May 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 0.31 per cent at $2089.3.

"Spot gold is expected to be highly volatile this week as crucial US data like ADP, JOLTs job openings, ISM services, and Friday’s nonfarm payroll data will be on tap. Apart from these data, investors will look forward to Fed Chair Powell's testimony, too. They are expected to buy the dips towards $2065, the previous resistance, which will act as a support now. The next support is at $2050. Resistance is at $2090/$2100/$2135," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

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

City-wise gold rate (24k) in India (March 4, 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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