Gold and Silver rate today (Aug 6, 2024): Precious metals subdued; should you buy or sell?

Gold and Silver rate today (Aug 6, 2024): Domestic precious metal futures on Tuesday were muted as traders absorbed Monday’s volatile trade.

At around 9:07 a.m., MCX gold futures (Oct 4) were flat with a positive bias at Rs 69,310 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were flat with a positive bias at Rs 79,663 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold October futures on rise at 69,400, keeping the stop loss at Rs 69,900 and a target price of Rs 68,700. For silver September futures she recommended selling on rise at Rs 79,700, with a stop loss of Rs 80,600 and a target of Rs 77,600.

"Gold witnessed heavy volatility in evening trade yesterday after a selloff seen in global equities yesterday with the assurances by the US and Japanese authorities to calm nerves, markets are witnessing a massive positive shift in risk sentiment," said Qureshi.

Meanwhile, COMEX gold in the international market was up 0.21 per cent at $2,449.6 per ounce. 

"Overall we see a consolidation in prices for the week ahead while volatility may continue with $ 2380-2375 in spot markets remains a crucial support to be watched out on a weekly basis," said Anand Rathi Commodities & Currencies' Qureshi.

"Gold prices declined more than one per cent, influenced by the broader global market sell-off driven by growing economic apprehensions," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Check out city-wise spot 24k gold prices on Aug 6, 2024:

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch all the updates on the stock market here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.