Gold and Silver rate today (April 10, 2024): Precious metals edge higher in trade; yellow metal above 71,450; white metal near Rs 82,750

Gold and Silver rate today (April 10, 2024): Domestic precious metal futures traded higher on Wednesday as investors positioned for US inflation data that could help shape the Federal Reserve’s outlook on interest rates.

Last seen, MCX gold futures (Jun 5) traded Rs 125, or 0.18 per cent, lower at Rs 71,465 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) traded Rs 300, or 0.36 per cent higher, at Rs 82,750 per kg. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies, recommended buying gold June futures on dips at Rs 71,400, keeping the stop loss at Rs 70,900 and a target price of Rs 71,900. For silver May futures, she recommended buying on dips at Rs 82,500, with a stop loss of Rs 81,500 and a target of Rs 84,500.

Meanwhile, COMEX gold in the international market was up 0.30 per cent at $2,369.3.

"Overall some cautious moves are expected ahead of the data scheduled to be released later today while volatility may persist as Fed minutes scheduled later could provide fresh direction to prices in coming sessions," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

"As gold has become somewhat a crowded trade presently, buyers need to exercise caution, especially as the US economy remains resilient and geopolitical tensions are largely contained," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh added Gold is expected to range trade ahead of the US CPI inflation data. Traders will look forward to the FOMC minutes (March 20) as well for clues to the Fed's possible monetary path forward. He sees support at $2300/$2265/$2250 and resistance at $2375/$2400 for Spot gold.

Here's an indicative list of spot gold prices in some of the major Indian cities.

City-wise gold rate (24k) in India (April 10, 2024)

(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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