Gold and Silver rate today (April 9, 2024): Yellow metal continues its record run, surpasses Rs 71,100; white metal above Rs 81,900; should you buy?

Gold and Silver rate today (April 9, 2024): Domestic yellow metal futures scaled a new record high on April 9, Tuesday, and surpassed the Rs 71,100 mark, as treasury 10-year yields climbed to the highest since November as sentiments were positive on news of China's central bank adding up to their gold reserves in March month. Meanwhile, white metal futures traded muted with a positive bias.

Last seen, MCX gold futures (Jun 5) traded Rs 218, or 0.31 per cent, lower at Rs 71,130 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) traded flat with a positive bias at Rs 81,922 per kg. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies, recommended buying gold June futures on dips at Rs 70,900, keeping the stop loss at Rs 70,500 and a target price of Rs 71,300. For silver May futures, she recommended buying on dips at Rs 81,900, with a stop loss of Rs 80,900 and a target of Rs 83,900.

Meanwhile, COMEX gold in the international market was up nearly half a percent at $2,362.5.

"On a near-term basis, Spot Gold (CMP $2344 per ounce) is anticipated to find immediate technical resistance in the range of $ 2360 – 2370 a weekly close above which only bullish momentum might continue for coming weeks," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

"Gold is expected to be range-bound ahead of the US CPI data to be released Wednesday. Support is at $2300/$2265. Resistance is at $2360/$2400," 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 9, 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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