Gold and Silver rate today (June 24, 2024): Yellow metal near Rs 71,700, white metal above Rs 89,150; should you buy or sell?

Gold and Silver rate today (June 24, 2024): On Monday, domestic precious metal futures traded mixed with the stronger US PMI data and the Fed’s hawkish stance creating headwinds. While the yellow metal inched higher, white metal futures traded flat.

MCX gold futures (Aug 5) were up Rs 106 or 0.15 per cent at Rs 71,690 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were flat with negative bias at Rs 89,159 per kg.

"Gold prices saw positive movement with COMEX Gold finding support near $2320 and MCX Gold at Rs 71,500. With the Core PCE Index data scheduled for release this Friday, expectations of lower numbers may support bullish sentiment in Gold. Bears are likely to wait for clearer signals before creating any significant positions. This anticipation of economic data is expected to keep the market cautious and potentially volatile," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Gold may trade with limited upside amid US macro cues to continue to weigh on sentiments for Gold. However, geopolitics and ETF flows will remain in the spotlight in short-term perspective amid the yellow metal may turn volatile in coming sessions," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended selling gold August futures on the rise at 71,700, keeping the stop loss at Rs 72,200 and a target price of Rs 71,000. For silver July futures, she recommended selling on rise at Rs 89,200, with a stop loss of Rs 90,200 and a target of Rs 87,200.

Meanwhile, COMEX gold in the international market was up 0.29 per cent at $2,338 per ounce.

"Spot gold is expected to trade with a bearish bias on stronger than expected US PMIs. Support is at $2310/$2300. Resistance is at $2345-$2350/$2370," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Triggers that can affect yellow metal movements: 

>> The final reading of the US Gross Domestic Product (GDP) and Core Personal Consumption Expenditures (PCE) Price Index.

>> The US economic data continues to show mixed signals in June. The recent S&P Global showed on Friday that the advanced US Composite PMI for June came in better than expected, rising to 54.6 in June from a final reading of 54.5 in May. The figure registered the highest level since April 2022. The Manufacturing PMI climbed to 51.7 in June from 51.3 in May, beating the estimation of 51.0. Finally, the Services PMI increased to 55.1 from 54.8 in May, above the consensus of 53.7.

Catch all the updates of June 20 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.