Gold and Silver rate today (April 3, 2024): Yellow metal hits record high on MCX; white metal rallies nearly Rs 1000

Gold and Silver rate today (April 3, 2024): Domestic yellow metal futures shined on Wednesday as they scripted a new record high around Rs 69,400, and domestic white metal futures were up nearly Rs 1000 on MCX as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, buoying the outlook for the precious metals.

Last seen, MCX gold futures (Jun 5) rose Rs 443 or 0.64 per cent at Rs 69,371 per 10 grams at the last count, having traded between Rs 69,309 and Rs 69,400 earlier in the day. MCX Silver futures (May 5) were up Rs 921 or 1.2 per cent bias at Rs 77,957 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold June futures on dips at 68,900, keeping the stop loss at Rs 68,500 and a target price of Rs 69,400. For silver May futures, she recommended buying on dips at Rs 77,000, with a stop loss of Rs 76,000 and a target of Rs 79,000.

Meanwhile, COMEX gold in the international market was up 1.04 per cent at $2,205.5.

"Bullish momentum may remain as traders look ahead to more cues with Fed Chair Jerome Powell scheduled to speak later today, potentially offering fresh insights into his policy outlook. At the end of the week, nonfarm payrolls figures will also be scrutinized, with healthy employment gains expected, according to a Bloomberg survey," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

"Gold may extend its rally in case today's US data turn out to be weaker than expected. The metal is looking overextended in the short-term though. Support is at $2250/$2220/$2200 and resistance is at $2300/$2325," 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 (April 3, 2024)

(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.