Gold and Silver rate today (July 31, 2024): Precious metal edge higher; yellow metal above Rs 69,000, white metal above Rs 83,300

Gold and Silver rate today (July 31, 2024): Domestic precious metal futures on Wednesday edged higher ahead of the US Fed policy decision.

At the last count, MCX gold futures (Aug 5) were up Rs 507 or 0.74 per cent at Rs 69,117 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up 0.79 per cent or Rs 649 at Rs 83,308 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on rise at 69,500, keeping the stop loss at Rs 69,000 and a target price of Rs 70,000. For silver September futures she recommended selling on rise at Rs 83,300, with a stop loss of Rs 82,300 and a target of Rs 85,300.

"Gold to remain positively biased amid escalating geopolitical tensions while US Fed meet scheduled today to remain crucial for clarity on further leg of directional moves in the precious metals complex. Overall expect a volatile session in evening trade today," said Qureshi.

Meanwhile, COMEX gold in the international market was up 0.46 per cent at $2,416.3 per ounce. 

"Gold prices rose one per cent on Tuesday as investors anticipated potential signals from the U.S. Federal Reserve about lowering interest rates in September," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Check out city-wise spot 24k gold prices on July 31, 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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