Gold and Silver rate today (July 30, 2024): Yellow metal flat above Rs 68,250, white metal above Rs 81,350

Gold and Silver rate today (July 30, 2024): Domestic yellow metal futures on Tuesday were flat, while white metal futues edged higher after a strong pickup in US Dollar (USD) demand. 

At the last count, MCX gold futures (Aug 5) were flat with a positive bias at Rs 68,275 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up 0.11 per cent or Rs 86 at Rs 81,373 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold August futures on dips at 68,600, keeping the stop loss at Rs 68,100 and a target price of Rs 69,300. For silver September futures she recommended buying on dips at Rs 81,200, with a stop loss of Rs 80,200 and a target of Rs 83,200.

"The risk-on impulse was seen as another factor exerting some downward pressure on the safe-haven precious metal. That said, geopolitical risks stemming from the ongoing conflicts in the Middle East offered some support to the commodity. Meanwhile, growing acceptance that the Federal Reserve (Fed) will start cutting interest rates in September, bolstered by a tame US inflation report on Friday, capped gains for the USD and helped limit losses for the gold price," said Qureshi.

Meanwhile, COMEX gold in the international market was up 0.11 per cent at $2,380.3 per ounce. 

"Gold prices ticked lower during the Asian session on Tuesday amid modest US Dollar strength, though a softer risk tone lent some support. Traders are awaiting the crucial FOMC policy decision on Wednesday for more cues about the Federal Reserve's policy path," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Check out city-wise spot 24k gold prices on July 30, 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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