Gold and Silver rate today (Aug 7, 2024): Yellow metal below Rs 69,800, white metal near Rs 79,500

Gold and Silver rate today (Aug 7, 2024): Domestic yellow metal futures on Wednesday traded lower, while white metal futures traded flat with a negative bias as US Treasury yields rose amid an improvement in market mood.

At around 9:07 a.m., MCX gold futures (Oct 4) were down 0.29 per cent or Rs 200 at Rs 69,765 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were flat with a negative bias at Rs 79,466 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold October futures on rise at 68,900, keeping the stop loss at Rs 69,500 and a target price of Rs 68,300. For silver September futures she recommended selling on rise at Rs 79,600, with a stop loss of Rs 80,600 and a target of Rs 77,600.

"Gold to trade with cautious optimism amid geopolitical woes remains in focus for the day. Meanwhile China macro cues to be also in focus for indications on trade activities while strength seen in dollar yesterday could remain a headwind for the day," said Qureshi.

Meanwhile, COMEX gold in the international market was down 0.24 per cent at $2,425.7 per ounce. 

"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 7, 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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