Gold and Silver rate today (April 19, 2024): Precious metals inch higher amid rising concerns in Middle East

Gold and Silver rate today (April 19, 2024): Domestic precious metal futures on Friday edged higher as concerns over rising tensions between Israel and Iran stoked haven demand.

Last seen, MCX gold futures (Jun 5) rose Rs 104 or 0.14 per cent at Rs 72,785 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) rose 0.14 per cent or Rs 119 at Rs 83,392 per kg. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommends selling Gold June futures on the rise at 72,700, keeping the stop loss at Rs 73,200 and a target price of Rs 72,000. For silver May futures she recommends selling on the rise at Rs 83,300, with a stop loss of Rs 84,300 and a target of Rs 81,300. 

Meanwhile, COMEX gold in the international market was up 0.21 per cent at $2,402.9.

"Bullions have surpassed $ 2400 per ounce in early trade today as safe-haven demand in Gold continues due to the Israel-Iran conflict being escalated to the next level. Overall we anticipate high volatility in prices today going into the weekend as last Friday also saw volatile movements in prices with geopolitics playing ahead," said Anand Rathi Commodities & Currencies' Neha Qureshi

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas expects gold to trade with a positive bias in the near term unless geopolitical tensions subside. He sees support for gold at $2360/$2320/$2300 and resistance at $2450/$2500. 

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

City-wise gold rate (24k) in India (April 19, 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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