Gold and Silver rate today (July 8, 2024): Yellow metal near Rs 73,000, white metal above Rs 93,120/kg

Gold and Silver rate today (July 8, 2024): Domestic yellow metal futures on Monday traded subdued, while white metal futures also traded lower weak.

At the last count, MCX gold futures (Aug 5) were down 0.12 per cent or Rs 90 at Rs 72,961 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were down Rs 434 or 0.46 per cent at Rs 93,120 per kg.

Rahul Kalantri, VP Commodities, Mehta Equities noted that gold and silver prices rose sharply to a six-week high in international markets following dismal US labour market data. The US Nonfarm Payrolls (NFP) exceeded forecasts, but downward revisions for the previous two months indicated that the labour market is cooling faster than the figures show. The US unemployment rate also surged to 4.1% from the previous month's reading of 4.0%, which supported gold and silver prices.

Furthermore, the dollar index slipped to a three-week low after the downbeat job data, and the US 10-year bond yields fell below 4.30%, further supporting gold and silver prices. At around 11:48 am though, the dollar index traded with minor gains of 0.1 per cent at 104.99.

Gold has support at $2,372-$2,356 and resistance at $2,410-$2,426. Silver has support at $30.98-$30.78 and resistance at $31.32-$31.52, said Kalantri. In INR, gold has support at Rs 72,770-72,610 and resistance at Rs 73,220-73,410. Silver has support at Rs 92,840-₹92,680 and resistance at Rs 94,240-94,720, he added.

Meanwhile, Comex Gold traded lower by 0.27 per cent at $2,391.3 per ounce.

Internationally, gold  prices though on a downward trajectory is still near a more than one-month high as softer US data boosted hopes of an interest rate by the US Federal Reserve in September.

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