Gold and Silver rate today (July 16, 2024): Precious metals inch higher; yellow metal above Rs 73,550, white metal above Rs 92,850

Gold and Silver rate today (July 16, 2024): Domestic precious metal futures on Tuesday traded positive on growing expectations that a US Federal Reserve (Fed) interest-rate cut in September continues to augment safe haven appeal in bullions. 

At the last count, MCX gold futures (Aug 5) were up Rs 99 or 0.13 per cent at Rs 73,570 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up Rs 280 or 0.3 per cent at Rs 92,852 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold August futures on dips at 73,400, keeping the stop loss at Rs 72,900 and a target price of Rs 73,900. For silver September futures she recommended buying on dips at Rs 92,500, with a stop loss of Rs 91,500 and a target of Rs 94,500.

Meanwhile, COMEX gold in the international market was up 0.14 per cent at $2,432.1 per ounce.

"Overall sentiments remain supportive amid next focus could turn towards US retail sales due later in the session today where any surprise upside could deter traders and provide fresh direction to precious metal complex," said Qureshi. 

Trigger that can affect yellow metal movements: 

Weak US Treasury bond yields continue to support the non-yielding Gold price while the bright metal also cheered the dovish comments from San Francisco Fed President Mary Daly. 

Catch all the updates of the July 16 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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