Gold and Silver rate today (February 8, 2024): Precious metals trade in red ahead of RBI monetary policy
Gold and Silver rate today (February 8, 2024): MCX gold futures (Apr 5) were down 0.1 per cent or Rs 64 at Rs 62,460 per 10 grams. Check out 24k gold price in Mumbai, Delhi and other cities.
Gold and Silver rate today (February 8, 2024): Domestic precious metal futures traded under pressure on Thursday ahead of the Reserve Bank of India (RBI) policy decision.
Last seen, MCX gold futures (Apr 5) were down 0.1 per cent or Rs 64 at Rs 62,460 per 10 grams at the last count, having traded between Rs 62,436 and Rs 62,463 earlier in the day. MCX Silver futures (Mar 5) declined 0.28 per cent or Rs 197 at Rs 70,114 per kg.
Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold April futures on rise at 62,600, keeping the stop loss at Rs 62,900 and a target price of Rs 62,000. For silver March futures, she recommended selling on rise at Rs 70,300, with a stop loss of Rs 71,300 and a target of Rs 68,500.
"Bullions are showing now some profit booking and important levels for gold April futures the support is at 62400/62200 and resistance is at 62600/62800. Meanwhile, for silver March contract support is at 70000/69700 and resistance is at 70700/71300," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.
Meanwhile, COMEX gold in the international market was flat with a negative bias at $2049.9.
"The yellow metal had traded in a narrow band this year amid a lack of clarity over when the Fed is likely to start easing monetary policy. Yesterday, four central bank officials suggested they don’t see an urgent case for lowering interest rates, adding to a roster of policymakers in recent days who made clear a cut isn’t likely until May at the earliest," said Anand Rathi Commodities & Currencies' Qureshi.
Qureshi added gold is expected to trade in a range today while Silver may remain steady at lower levels in day trade with strong supports expected in the range of 22.10 - 21.70 for medium-term perspective.
Here's an indicative list of spot gold prices in some of the major Indian cities:
City-wise gold rate (24k) in India (February 8, 2024)
Cities | Gold prices for 24k (10 grams) |
Mumbai | Rs 64,410 |
Delhi | Rs 64,550 |
Chennai | Rs 64,510 |
Kolkata | Rs 64,580 |
Bengaluru | Rs 64,540 |
Hyderabad | Rs 64,520 |
Ahmedabad | Rs 64,545 |
Bhopal | Rs 64,390 |
Visakhapatnam | Rs 64,520 |
Jaipur | Rs 64,420 |
Lucknow | Rs 64,385 |
Coimbatore | Rs 64,630 |
Madurai | Rs 64,675 |
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 Small-Cap Funds With Best SIP Returns in 3 Years: What Rs 5,000 and Rs 10,000 SIPs in each fund have given
Gold and Silver rates today (May 27, 2024): MCX gold jumps after sharp losses last week, silver nears Rs 92,100/kg levels
70:15:15 Investment Strategy: Can you build over Rs 1 crore corpus with just Rs 20,000 salary? Know calculations
Shark Tank India: This startup gets blank check offer as revenue soars 10 times in 15 months, resulted in clash between judges
40,000 pension per month: How to get Rs 40,000 as pension every month by investing in NPS? Know the calculation
Top 5 large and mid cap SIP mutual funds in 5 Years: Rs 20,000 SIP in top fund has given a total of Rs 28.22 lakh
10:03 AM IST