Gold and Silver rate today (June 26, 2024): Yellow metal near Rs 71,400, white metal near Rs 87,000; should you buy or sell?

Gold and Silver rate today (June 26, 2024): Domestic precious metal futures on Wednesday traded mixed. While yellow metal was flat with a negative bias, white metal was muted with a positive bias.

MCX gold futures (Aug 5) were flat with a negative bias at Rs 71,393 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were flat with a positive bias at Rs 87,013 per kg.

"The stronger-than-expected US Purchasing Managers Index (PMI) released last week triggered the Federal Reserve (Fed) officials to push out the timing of the first interest rate cut this year, which continues to cap the gold’s upside," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended selling gold August futures on the rise at 71,400, keeping the stop loss at Rs 72,000 and a target price of Rs 70,700. For silver July futures, she recommended selling on the rise at Rs 87,000, with a stop loss of Rs 88,000 and a target of Rs 85,000.

"Gold prices remained range-bound between Rs 71375 to Rs 71450, supported by base levels in COMEX Gold. The trend appears weak due to recent closing levels and pressure from the dollar index, which has risen above 105.50, pushing Gold below $2320. Market participants are focusing on the PCE Price Index data release on Friday. The expected range for Gold is between Rs 70850 to Rs 72100," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"At MCX, gold has support at 71330-71100 and resistance at 71650-71820 while silver has support at 86350-85800 and resistance at 87400-88000. We suggest selling gold on rise around 71650 with a stop loss of 71860 for the target of 71250," said Manoj Kumar Jain, Director - Head Commodity and Currency Research, Prithvi Finmart.

Meanwhile, COMEX gold in the international market was flat with a positive bias at $2,331.7 per ounce.

"Gold and silver prices could hold their support levels of $2288 and $28.50 per troy ounce respectively on a weekly closing basis. Gold has support at $2322-2310, while resistance at $2345-2358 per troy ounce, and silver has support at $28.88-28.60, while resistance is at $29.50-29.74 per troy ounce in today’s session," said Prithvi Finmart's Jain.

Triggers that can affect yellow metal movements: 

>> US GDP & PCE Index due on Friday.

>> Geopolitics continuing on Russian – Ukraine and middle east front.

Catch all the updates of June 26 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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