Gold and Silver rate today (Aug 1, 2024): Precious metals edge higher after US Fed hints rate cuts in September

Gold and Silver rate today (Aug 1, 2024): Domestic precious metal futures on Thursday edged higher after the US Fed kept the rates unchanged but hinted at rate cuts in September.

At the last count, MCX gold futures (Oct 4) were up Rs 365 or 0.52 per cent at Rs 70,020 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up 0.36 per cent or Rs 304 at Rs 83,900 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold August futures on dips at 69,900, keeping the stop loss at Rs 69,500 and a target price of Rs 70,300. For silver September futures she recommended buying on dips at Rs 83,800, with a stop loss of Rs 82,800 and a target of Rs 85,800.

"Gold to remain positively biased amid escalating geopolitical tensions while US Fed meet scheduled today to remain crucial for clarity on further leg of directional moves in the precious metals complex. Overall expect a volatile session in evening trade today," said Qureshi.

Meanwhile, COMEX gold in the international market was up 0.56 per cent at $2,486.8 per ounce. 

"Gold prices rose on Wednesday after Federal Reserve Chair Jerome Powell suggested an interest rate cut could happen as early as September if inflation remains on track," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Check out city-wise spot 24k gold prices on Aug 1, 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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