Gold and Silver rate today (July 25, 2024): Precious metals trade lower; yellow metal slips nearly by Rs 1000, white metal down by over Rs 3,000
Gold and Silver rate today (July 25, 2024): MCX gold futures (Aug 5) were down 1.43 per cent or Rs 984 at Rs 67,968 per 10 gm. Heres what analysts suggest.
Gold and Silver rate today (July 25, 2024): Domestic precious metal futures on Thursday traded under pressure as risk-aversion and rising US Treasury bond yields capped the non-yielding metal rally, which usually retreats as investors flock to US Treasuries.
At the last count, MCX gold futures (Aug 5) were down 1.43 per cent or Rs 984 at Rs 67,968 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were down 3.81 per cent or Rs 3,233 at Rs 81,661 per kg.
Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on rise at 68,500, keeping the stop loss at Rs 69,200 and a target price of Rs 67,500. For silver September futures she recommended selling on rise at Rs 84,000, with a stop loss of Rs 85,000 and a target of Rs 82,000.
Meanwhile, COMEX gold in the international market was down 1.88 per cent at $2,369.2 per ounce.
"On the technical front, Spot gold needs to breach the previous day's high of $2430 for any signs of bullish continuation which seems unlikely in day trade. Conversely, a weekly close below $2,380 remains to be watched out which indicates a deeper correction on the cards for next week where the next support would be the 50-day Simple Moving Average at around $2,359 per ounce for the day," said Anand Rathi Commodities & Currencies's Qureshi.
"Gold prices rose on Wednesday as the dollar slipped, with investors focusing on upcoming U.S. economic data for indications on the timing of potential Federal Reserve interest rate cuts," said Anand James, Chief Market Strategist, Geojit Financial Services.
Trigger that are affecting yellow metal movements:
>> Gross Domestic Product (GDP) for Q2 2024 in the United States.
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