Gold and Silver rate today (Aug 8, 2024): Yellow metal below Rs 69,000, white metal near Rs 80,000 after RBI keeps repo rate unchanged

Gold and Silver rate today (Aug 8, 2024): Domestic yellow metal futures on Thursday traded flat with a negative bias, while white metal futures traded flat with a positive bias after the Reserve Bank of India (RBI) MPc kept the repo rate unchanged. The market sentiment also remained fragile amid concerns about an economic slowdown in China and a possible US recession. 

At around 10:14 a.m., MCX gold futures (Oct 4) were flat at Rs 68,962 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were muted at Rs 79,981 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 78,800, with a stop loss of Rs 79,800 and a target of Rs 76,800.

Meanwhile, COMEX gold in the international market was subdued with a positive bias at $2,432.6 per ounce. 

"Traders now look to the usual Weekly Initial Jobless Claims data from the US for some impetus later today, though the major focus now remains on the US consumer inflation figures, due for release next Wednesday which is expected to show a pattern of disinflationary trend for July," said Neha Qureshi. 

Check out city-wise spot 24k gold prices on Aug 8, 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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