Gold and Silver rate today (July 22, 2024): Yellow metal rises above Rs 73,150, white metal trades flat near Rs 89,600

Gold and Silver rate today (July 22, 2024): Domestic yellow metal futures on Monday edged higher, while white metal futures were flat with a negative bias after President Joe Biden’s decision to end his re-election bid sparked fresh questions over whether the move will help or hinder Donald Trump’s chances of returning to the White House.

At the last count, MCX gold futures (Aug 5) were up 0.23 per cent or Rs 170 at Rs 73,160 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were subdued with a negative bias at Rs 89,595 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on rise at 73,000, keeping the stop loss at Rs 73,600 and a target price of Rs 72,400. For silver September futures she recommended selling on rise at Rs 90,000, with a stop loss of Rs 91,000 and a target of Rs 88,000.

Meanwhile, COMEX gold in the international market was up 0.48 per cent at $2,410.8 per ounce.

"The US political development over the weekend prompts fresh selling around the US Dollar (USD) and benefits the precious metal. The uptick, however, lacks bullish conviction for the day trade as investors seem reluctant and prefer to wait for more insights about the Fed's policy path before positioning for the next leg of a directional move," said Qureshi.  

"Gold prices edged higher on Monday, supported by a softer dollar and expectations of a U.S. interest rate cut. Investors are now focusing on upcoming economic data for further insights into the Federal Reserve's monetary policy path," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Trigger that are affecting yellow metal movements: 

>> Federal Reserve's (Fed) rate-cutting cycle in September.

>> US political development over the weekend.

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