Gold and Silver rate today (June 11, 2024): Precious metal futures trade under pressure; what should investors do?

Gold and Silver rate today (June 11, 2024): Domestic precious metal futures were under pressure on Tuesday amid broad US Dollar strength ahead of the release of crucial US economic data.

MCX gold futures (Aug 5) were down 0.21 per cent or Rs 149 at Rs 71,289 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were down 1.52 per cent or Rs 1,370 at Rs 88,652 per kg.

"The possibility of sustained higher interest rates is weighing on gold. Strong Nonfarm Payroll data boosted the dollar index to 105, further pressuring gold prices. Additionally, profit booking and concerns over China potentially halting gold purchases are contributing to the current weakness in gold," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on rise at 71,400, keeping the stop loss at Rs 71,800 and a target price of Rs 70,900. For silver July futures, she recommended selling on the rise at Rs 90,000, with a stop loss of Rs 91,000 and a target of Rs 91,700.

Meanwhile, COMEX gold in the international market was down 0.18 per cent at $2,322.7 per ounce.

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas sees support at $2320/$2295-$2300 zone/$2277 and resistance at $2350/$2365/$2380/$2400. 

"Despite this recovery, the yellow metal is yet to be out of woods as China paused gold buying in May and US ISM services and nonfarm payroll report have been encouraging. The metal may remain subdued in short term, though medium to long term prospects are constructive," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh added gold is expected to range trade with a bearish bias with support at $2277 and resistance at $2315/$2330/$2343.

(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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