Gold and Silver rate today (April 24, 2024): Yellow metal futures trade flat above Rs 71,000; white metal edges higher near Rs 81,000

Gold and Silver rate today (April 24, 2024): Domestic yellow metal futures on Wednesday were subdued with a positive bias and white metal futures edged higher ahead of US data due later this week that may shed more light on the Federal Reserve’s rate path.

Last seen, MCX gold futures (Jun 5) were flat at Rs 71,091 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) rose 0.34 per cent or Rs 272 at Rs 80,950 per kg. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommends selling Gold June futures on the rise at 71,000, keeping the stop loss at Rs 71,500 and a target price of Rs 70,500. For silver May futures she recommends selling on the rise at Rs 80,800, with a stop loss of Rs 81,800 and a target of Rs 78,800. 

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2,340.9.

"The market focus now shifts back to US monetary policy with the personal consumption expenditures index the Fed’s preferred measure of inflation due on Friday is forecast to show that price pressures remained elevated in March which could be a headwind for Gold in the near term. Overall, expect cautious moves in yellow metal ahead of the data later in the week," said Anand Rathi Commodities & Currencies' Neha Qureshi

"In case the geopolitical situation remains stable, the yellow metal may correct lower to $2265-$2250, though the outlook remains constructive. Resistance is at $2360/$2400," 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 24, 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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