Gold and Silver rate today (July 15, 2024): Yellow below Rs 73,250, white metal near Rs 93,100

Gold and Silver rate today (July 15, 2024): Domestic yellow metal futures on Monday traded flat with a negative bias, while white metal futures traded under pressure on speculation that the Federal Reserve (Fed) might begin its easing cycle in September.

At the last count, MCX gold futures (Aug 5) were flat with a negative bias at Rs 73,230 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were down Rs 134 or 0.15 per cent at Rs 92,972 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold August futures on dips at 73,300, keeping the stop loss at Rs 72,800 and a target price of Rs 73,900. For silver September futures she recommended buying on dips at Rs 93,000, with a stop loss of Rs 92,000 and a target of Rs 95,000.

Meanwhile, COMEX gold in the international market was down 0.18 per cent at $2,416.4 per ounce.

"Overall sentiments may remain on the positive side with retail sales pointing to another soft figure for June while beige book survey to show uneven recovery in various sectors in US. Technically spot gold's first resistance on a weekly basis would be the year-to-date high of $2,450 per ounce levels," said Qureshi. 

She added conversely, if gold slides below the $2,400 figure, the next demand zone will be the July 5 high at $2,392 which is likely to be watched out for this week for any sustainable downtrend for the coming week. 

Trigger that can affect yellow metal movements: 

>> Dollar strength emerging from the US political situation may lead to slight profit booking.

Catch all the updates of the July 15 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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