Gold and Silver rate today (Aug 9, 2024): Yellow metal below Rs 69,650, white metal above Rs 80,650

Gold and Silver rate today (Aug 9, 2024): Domestic yellow metal futures on Friday traded lower, while white metal futures traded flat with a positive bias.

At around 9:05 a.m., MCX gold futures (Oct 4) were down 0.11 per cent or Rs 77 at Rs 69,627 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were flat with positive bias at Rs 80,678 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold October futures on dips at 69,700, keeping the stop loss at Rs 69,200 and a target price of Rs 70,400. For silver September futures she recommended buying on dips at Rs 80,700, with a stop loss of Rs 79,700 and a target of Rs 82,700.

Meanwhile, COMEX gold in the international market was down 0.10 per cent at $2,460.8 per ounce. 

"Gold is expected to end the week on a positive note as market speculates on increased fed rate cuts in September meet amid focus now remains on US CPI data due Wednesday next week. Moreover, momentum indicators on the daily timeframe have started gaining positive traction and suggest that the path of least resistance for the Gold price is to the upside for the day," said Qureshi.

"Gold values escalated over one per cent on Thursday, underpinned by robust demand for secure investments and escalating anticipation for a substantial reduction in interest rates by the U.S. Federal Reserve come September," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Check out city-wise spot 24k gold prices on Aug 9, 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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