Gold and Silver rate today (January 18, 2024): Precious metals muted; yellow metal above Rs 61,500

Gold and Silver rate today (January 18, 2024): MCX gold futures (Feb 5) were flat with a positive bias at Rs 61,536 per 10 grams. Check out 24k gold price in Mumbai, Delhi and other cities.

Representative image. Source: Reuters

Gold and Silver rate today (January 18, 2024): Domestic precious metal futures were subdued on Thursday because of strong consumer purchases data, raising doubts about the Federal Reserve cutting interest rates in March.

Last seen, MCX gold futures (Feb 5) were flat with a positive bias at Rs 61,536 per 10 grams at the last count, having traded between Rs 61,515 and Rs 61,539 earlier in the day. MCX Silver futures (Mar 5) were muted with negative bias at Rs 71,456 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends selling gold February futures on rise at 61,600, keeping the stop loss at Rs 61,800 and a target price of Rs 61,200. For silver March futures, she recommends selling on rise at Rs 71,700, with a stop loss of Rs 72,700 and a target of Rs 70,000.

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"Bullions are trading near important support zone, momentum Indicator RSI also indicating the same," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold February futures at 61400/61200 and resistance at 61800/62000. For silver March futures he sees support at 71300/70700 and resistance at 72000/72500.

Meanwhile, COMEX gold in the international market was up 0.17 per cent at $2009.9 as strong economic data strengthened dollar and Treasury yields and lowered market expectations of a U.S. rate cut in March.

"The latest US beige book survey revealed little change in economic activity at the beginning of the year, affecting sentiments and delaying expectations of a rate cut. This news may lead to further consolidation with a downward bias for gold in short-term trading, with key support levels around $1990–1985 in spot markets," said Anand Rathi Commodities & Currencies' Qureshi.

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

City-wise gold rate (24k) in India (January 18, 2024)

Cities	Gold prices for 24k (10 grams)
Mumbai	Rs 64,098
Delhi	Rs 64,215
Chennai	Rs 64,180
Kolkata	Rs 64,270
Bengaluru	Rs 64,215
Hyderabad	Rs 64,180
Ahmedabad	Rs 64,195
Bhopal	Rs 63,790
Visakhapatnam	Rs 64,215
Jaipur	Rs 64,115
Lucknow	Rs 63,995
Coimbatore	Rs 64,310
Madurai	Rs 64,285

(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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