Gold and Silver rate today (June 18, 2024): Precious metals in red; yellow metal below Rs 71,450; white metal below Rs 88,750

Gold and Silver rate today (June 18, 2024): Domestic precious metal futures on Tuesday pared morning deal gains and slipped into the negative territory in the afternoon trade, amid the backdrop of the Federal Reserve's (Fed) hawkish outlook last week, where policymakers continued to argue in favor of only one rate cut in 2024.

MCX gold futures (Aug 5) were flat with negative bias at Rs 71,435 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were down 0.11 per cent or Rs 102 at Rs 88,718 per kg.

"Gold direction remains data dependent now with Investors now looking forward to today’s US economic docket featuring the release of Retail Sales and Industrial Production data for short-term trading opportunities later during the session though the emergence of some US Dollar dip-buying acts as a barrier for strong upside," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi added any meaningful slide also seems elusive in the wake of bets for two rate cuts by the Federal Reserve in 2024. Apart from this, Apart from this, speeches by a slew of influential FOMC members this week will also play a key role, which, along with the broader risk sentiment, should provide some impetus to the precious metal.

She recommended buying gold August futures on the dips at 71,700, keeping the stop loss at Rs 71,300 and a target price of Rs 72,300. For silver July futures, she recommended buying on dips at Rs 89,300, with a stop loss of Rs 88,300 and a target of Rs 91,300.

Meanwhile, COMEX gold in the international market was up 0.22 per cent at $2,334.1 per ounce.

"Today's major US data on tap include retail sales advance (May) and industrial production (May). A softer-than-expected retail sales report may help the metal recoup some of its losses. However, traders will pay attention to the Fedspeak, too, as they would want to assess the rigidity of the hawkish FOMC outcome. Quite a few speakers will go on air today. Spot gold is expected to range trade ahead of the US retail sales data. Support is at $2310/$2300, while resistance is at $2336/$2342/$2350," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Catch all the updates of June 18 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.