Gold and Silver rate today (July 18, 2024): Precious metal edge higher; yellow metal above Rs 73,350, white metal above Rs 92,250

Gold and Silver rate today (July 18, 2024): Domestic precious metal futures on Thursday edged higher. At the last count, MCX gold futures (Aug 5) were up 0.3 per cent or Rs 225 at Rs 74,362 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up Rs 323 or 0.35 per cent at Rs 92,265 per kg.

"The US Dollar (USD) attracted some buyers and reversed a part of the previous day's heavy losses to a nearly four-month low in the wake of a modest uptick in the US Treasury bond yields. This, along with the prevalent strong bullish sentiment across the global equity markets, acted as a headwind for the safe-haven Gold price," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended buying gold August futures on dips at 74,400, keeping the stop loss at Rs 74,000 and a target price of Rs 74,800. For silver September futures she recommended selling on rise at Rs 92,300, with a stop loss of Rs 93,300 and a target of Rs 90,300.

"At MCX, gold has support at 73900-73660 and resistance at 74400-74720 while silver is having support at 91400-90750 and resistance at 92650-93300. We suggest buying silver around 91550 with a stop loss of 90800 for the target of 93000," said Director - Head Commodity and Currency Research, Prithvi Finmart.

Meanwhile, COMEX gold in the international market was up 0.44 per cent at $2,470.8 per ounce.

"Overall sentiments remain supportive amid next focus could turn towards US retail sales due later in the session today where any surprise upside could deter traders and provide fresh direction to precious metal complex," said Qureshi.  

"We expect gold and silver prices to remain volatile this week ahead of the ECB policy meetings. Gold and silver prices could hold its support levels of $2388 and $30.20 per troy ounce respectively on a weekly closing basis. Gold has support at $2444-2420, while resistance at $2488-2500 per troy ounce and silver has support at $30.20-29.80, while resistance is at $30.70-31.05 per troy ounce in today’s session," said Prithvi Finmart's Jain.

Trigger that are affecting yellow metal movements: 

>> Weak US Treasury bond yields continue to support the non-yielding gold price.

>> Dovish comments from San Francisco Fed President Mary Daly.

Catch all the updates of the July 18 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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