Gold and Silver rate today (June 12, 2024): Domestic precious metal futures edged higher on Wednesday as traders await US inflation data and the Federal Reserve’s outlook on interest rates.

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MCX gold futures (Aug 5) were flat with positive bias at Rs 71,510 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were up 0.49 per cent or Rs 437 at Rs 89,100 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on rise at 71,600, keeping the stop loss at Rs 72,000 and a target price of Rs 71,000. For silver July futures, she recommended selling on the rise at Rs 89,300, with a stop loss of Rs 90,300 and a target of Rs 87,300.

"Gold traded sideways around Rs 71,450- Rs 71,500 as market participants await the US CPI data release in the evening and the US Fed's policy announcement later tonight. These events are expected to induce higher volatility in gold prices. Currently, gold finds support between Rs 70,500 to Rs 70,000 and faces resistance in the Rs 72,500 to Rs 73,000 range. The CPI data and Fed's policy decision will be crucial in determining the next price direction, potentially triggering significant movements within these support and resistance levels," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"The downside risk for gold is limited due to political uncertainty in Europe and ongoing geopolitical tensions, suggesting caution before expecting a further pullback from the recent highs," said Anand Rathi Commodities & Currencies' Qureshi.

"In the Delhi markets, spot gold prices (24 carats) are trading at Rs 72,200 per 10 grams, up by Rs 250 from the previous close," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,315 per ounce, up USD 12 from the previous close.

Gold extended its gains on Wednesday, helped by a soft US Treasury yield and a steady US dollar, Gandhi said.

Silver also quoted marginally higher at USD 29.35 per ounce. It had ended at USD 29.20 per ounce in the previous session.

"Commodities are broadly stuck in a range and trading flat, as traders look ahead to the US CPI numbers and the US Federal Reserve's policy meeting outcome later on Wednesday.

"Although the US Fed is expected to keep rates unchanged on Wednesday, but their forward guidance on the inflation will be closely watched and any surprises would lead to increased volatility in the financial market," Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, said.

Meanwhile, COMEX gold in the international market was up 0.14 per cent at $2,329.9 per ounce.

(With inputs from agencies.)

(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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