Gold and Silver rate today (July 2, 2024): Yellow metal above Rs 71, 650, white metal above Rs 89,850

Gold and Silver rate today (July 2, 2024): Domestic yellow metal futures on Tuesday traded flat with a positive bias, while white metal edged higher as traders await more US economic data and remarks from Federal Reserve officials for cues on the Fed’s interest rate path.

At the last count, MCX gold futures (Aug 5) were flat with a positive bias at Rs 71,670 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up Rs 117 or 0.13 per cent at Rs 89,867 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on the rise at 71,600, keeping the stop loss at Rs 71,900 and a target price of Rs 71,200. For silver September futures, she recommended selling on the rise at Rs 89,700, with a stop loss of Rs 90,700 and a target of Rs 87,700.

Meanwhile, COMEX gold in the international market was flat with positive bias at $2,339.3 per ounce.

"Overall prices are expected to turn volatile later in the session amid a slowdown in job openings and hawkish stance from the Fed chair may lead prices to find supports at lower levels," said Anand Rathi Commodities & Currencies' Qureshi.

Trigger that can affect yellow metal movements: 

>> US Fed's chair speech due later in the session

Catch all the updates of the July 2 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.