Gold and Silver rate today (April 2, 2024): Yellow metal trades in green above Rs 68,600; white metal trades flat above 75,550

Gold and Silver rate today (April 2, 2024): Domestic yellow metal futures on Tuesday edged higher whereas white metal traded flat with a positive bias as traders speculated on the Federal Reserve’s rate-cutting path following solid US factory data. 

Last seen, MCX gold futures (Jun 5) rose Rs 302 or 0.44 per cent at Rs 68,633 per 10 grams at the last count, having traded between Rs 68,580 and Rs 68,679 earlier in the day. MCX Silver futures (May 5) were flat with a positive bias at Rs 75,568 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold June futures on dips at 68,400, keeping the stop loss at Rs 68,000 and a target price of Rs 68,900. For silver May futures, she recommended buying on dips at Rs 75,600, with a stop loss of Rs 74,600 and a target of Rs 77,600.

Meanwhile, COMEX gold in the international market was up 0. per cent at $2,273.1.

"Last week Inflation data did provide a boost to the precious metals complex, but moving ahead markets may remain volatile amid jobs number to provide fresh cues to the price direction in short term with data indicating a fourth straight month gain above 200K. Although long term charts may be a compelling reason to hold, short term trajectory looks volatile amid a positive bias with immediate resistance placed around $ 2280 per ounce in International Spot markets.," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

"Buy the dips will continue to be the preferred strategy. A rise to $2300 is possible. Support is at $2220/$2200 and resistance is at $2275/$2300," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

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

City-wise gold rate (24k) in India (April 2, 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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