Gold and Silver rate today (April 4, 2024): Record run continues; yellow metal April futures breach Rs 70,000 mark

Gold and Silver rate today (April 4, 2024): Gold futures extended their rally on April 4, Thursday, after recording a new high in the previous session. Silver futures, too, recorded a new high on the MCX. This surge can be attributed to a combination of factors, including escalating tensions in the Middle East, anticipation of interest rate cuts in the US, and persistent inflation, all of which have heightened the appeal of gold. 

Last seen, MCX gold futures (Jun 5) traded Rs 221, or 0.32 per cent, higher at Rs 69,999 per 10 gram at the last count. Meanwhile, MCX gold futures (April 5), which expire tomorrow, surpassed the Rs 70,000 level for the first time. Additionally, MCX Silver futures (May 3) were up Rs 186, or 0.24 per cent, at Rs 79,197 per kg. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies, recommended buying gold June futures at Rs 69,500, keeping the stop loss at Rs 68,980 and a target price of Rs 70,250. For silver May futures, she recommended buying at Rs 78,500, with a stop loss of Rs 77,700 and a target of Rs 79,800.

Meanwhile, COMEX gold in the international market was up 0.19 per cent at $2,319.3.

"Overall, we anticipate a bullish run to persist in day trade amid heightened volatility ahead of non-farm payrolls due tomorrow," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

"Gold is poised to maintain its upward trajectory amidst ongoing economic uncertainty and expectations of a Fed interest rate cut," said Saish Sandeep Sawant Dessai, analyst, base metals, Angel One Ltd., a fintech brokerage house in India.

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

City-wise gold rate (24k) in India (April 4, 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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