Gold and Silver rate today (July 24, 2024): Precious metal rise; yellow metal near Rs 69,000, white metal above Rs 85,300

Gold and Silver rate today (July 24, 2024): Domestic precious metal futures on Wednesday edged higher a day after Indian Finance Minister Nirmala Sitharaman announced reduction in basic customs duty on yellow and white metal.

At the last count, MCX gold futures (Aug 5) were up 0.59 per cent or Rs 405 at Rs 68,915 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were down 0.57 per cent or Rs 481 at Rs 85,400 per kg.

"In the Budget, the Finance Minister announced a reduction on Basic Custom Duty on gold and silver from 10 per cent to 6 per cent. Adding 5 pe rcent AIDC, which remains unchanged, the total import duty on gold and silver is reduced from 15 per cent to 11 per cent now. The broad view remains volatile," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Prices on domestic front were badly hit yesterday with policy moves from the government led to a healthy correction on MCX. Meanwhile this corrective move had made domestic prices competitive and could revive demand in the longer run," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended selling gold August futures on rise at 69,000, keeping the stop loss at Rs 69,500 and a target price of Rs 68,300. For silver September futures she recommended selling on rise at Rs 85,500, with a stop loss of Rs 86,500 and a target of Rs 83,500.

Meanwhile, COMEX gold in the international market was up 0.43 pr cent at $2,417.6 per ounce. 

"Gold prices recovered in the US session, boosted by a drop in U.S. Treasury bond yields," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Trigger that are affecting yellow metal movements: 

>> Upcoming key economic data including durable goods orders, the preliminary Q2 GDP, and Core PCE for June. 

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