Gold and Silver rate today (June 25, 2024): Yellow metal above Rs 71,850, white metal above Rs 89,000; should you buy or sell?

Gold and Silver rate today (June 25, 2024): Domestic precious metal futures on Tuesday traded in green ahead of the release of the Federal Reserve’s preferred gauge for inflation, the Personal Consumption Expenditures (PCE) Price Index.

MCX gold futures (Aug 5) were up Rs 89 or 0.12 per cent at Rs 71,880 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were flat with a positive bias at Rs 89,052 per kg.

"Gold prices traded with stability around $2330 and Rs 71,800 as weakness in the dollar index helped Gold move higher by 0.20 per cent. The expected weak PCE price index on Friday is attracting buyers to place bets on Gold. In Comex, Gold faces minor resistance at $2345-$2350 and strong support at $2310-$2315. In MCX, Gold finds strong support at Rs 71,000- Rs 70,700 and resistance at Rs 72,500- Rs72,800," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Overall PCE may show easing price pressures which keeps rate cut hopes alive in September while any better than expected US growth numbers could keep prices volatile later in the week. Technical support for the metal lies around $2,300-2290 zone a breach below which only prices could test the $2,277- 2270 zone. Conversely, on the higher side, prices to face resistance around the $ 2250 – 2260 zone for the week," 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 71,200. For silver July futures, she recommended selling on the rise at Rs 88,900, with a stop loss of Rs 90,000 and a target of Rs 86,700.

Meanwhile, COMEX gold in the international market was up 0.35 per cent at $2,336.1 per ounce.

"Gold is poised to extend its gais, driven by a weaker dollar and anticipation of key U.S. inflation data," said Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd., a Fintech brokerage house in India.

Triggers that can affect yellow metal movements: 

>> US GDP and PCE Index due to be released later in the week. 

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