Gold and Silver rate today (April 5, 2024): Precious metals under pressure ahead of RBI policy decision

Gold and Silver rate today (April 5, 2024): Domestic yellow metal futures slipped on April 5, Friday, after rallying in the previous session. Silver futures, too, traded over 1 per cent lower on the MCX ahead of the Reserve Bank of India (RBI) policy decision. Also, investors will keep an eye on the US jobs report that’s expected to support the case for the Federal Reserve to hold off on rate cuts for the time being.

Last seen, MCX gold futures (Jun 5) traded Rs 303, or 0.43 per cent, lower at Rs 69,404 per 10 grams at the last count. Additionally, MCX Silver futures (May 3) declined Rs 1008, or 1.26 per cent, at Rs 78,976 per kg. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies, recommended selling gold June futures at Rs 69,450, keeping the stop loss at Rs 69,900 and a target price of Rs 68,500. For silver May futures, she recommended selling at Rs 79,600, with a stop loss of Rs 80,400 and a target of Rs 79,400.

Meanwhile, COMEX gold in the international market was down 0.49 per cent at $2,297.2.

"Despite profit booking moves seen from record high levels, Gold is on track for a third straight weekly gain after setting a series of records over the past couple of weeks. It touched its latest all-time high of $2,305.64 an ounce yesterday," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi added Silver on the other hand went down in early trade today, though the cheaper metal is still up around 6 per cent for the week and is near the highest level in almost three years. Overall she expects further profit booking moves in day trade while volatility may persist post release of Jobs number later today.

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

City-wise gold rate (24k) in India (April 5, 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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