Gold and silver prices today: Yellow metal holds steady, silver sees narrow swings

Gold opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 62,412 per 10 grams, reaching an intraday low of Rs 62,400. Simultaneously, its international counterpart traded around $2,036.55 per troy ounce.

Likewise, silver kicked off at Rs 75,155 per kg on the MCX, hitting a low of Rs 75,155 within the day. Internationally, its value hovered near $24.28 per troy ounce.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices were trading steady while silver witnessed some volatility in a narrow range, amid persistent bets that the Federal Reserve will trim interest rates earlier in 2024 and better than expected economic data. The dollar index holds firms above the 102 mark, while the US 10Y Yields held near the five-month low, trading below the 3.9% mark.”

On the data front, US consumer confidence data yesterday was reported more than estimates at 110.7 against 103.8; change in existing home sales was also reported higher at 0.8% against previous data of -4.1%. 

Modi said, “A dovish tilt from the Fed in their last policy meeting has prompted traders to pencil in several rate cuts in 2024. However, Fed officials have since been pushing back against the idea of rapid loosening of policy. Focus now shifts to the US Q3 GDP report and weekly jobless claims later in the day, as it could trigger volatility in prices. US Core PCE price index Fed preferred measure of inflation scheduled tomorrow, will also be important to keep an eye on.”

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Amit Khare Associate Vice President at GCL Broking, said, “MCX gold and silver gave mixed closings yesterday. February Gold closed at 62415(-0.10%) and March Silver closed at 75486(0.87%).”

“As per the daily chart, bullions now show some profit booking. Momentum Indicator RSI also indicates the same. Traders are advised to book their longs and can make fresh short positions in Gold and Silver near given resistance level one with the stop loss of resistance level two and book near given support levels: Gold February Support 62200/62000 and Resistance 62600/62850. Silver March Support 74700/74000 and Resistance 75600/76300,” added Khare.

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