Gold and Silver rate today (June 19, 2024): Yellow metal near Rs 71,750, white metal above Rs 88,150; should you buy or sell?

Gold and Silver rate today (June 19, 2024): Domestic precious metal futures on Wednesday traded flat with positive bias as investors assessed mixed US data and remarks from policymakers for clues on the outlook for Federal Reserve rate policy.

MCX gold futures (Aug 5) were flat with a positive bias at Rs 71,744 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were flat with a positive bias at Rs 89,151 per kg.

"Gold prices traded between $2,327 and $2,335 in COMEX as the US holiday on Juneteenth day saw limited movement in the absence of US participants. The same was seen in MCX with a range of Rs 71,625  to Rs 71,880. A base seems to be forming near $2,300-$2,315, with resistance at $2,345-$2,360. A major move is expected only if this range is broken. While the Fed's stance on cutting rates remains hawkish, recent data on US CPI and retail sales suggest that interest rate cuts may be on the horizon, especially with the US election approaching in the second half of 2024," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Gold has traded in a relatively narrow range since Fed policymakers last week Signalled they only expect to cut rates once this year, compared with three reductions forecast in March. Hawkish comments from central bank officials have added pressure in recent days," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommended buying gold August futures on the dips at 71,700, keeping the stop loss at Rs 71,300 and a target price of Rs 72,300. For silver July futures, she recommended buying on dips at Rs 89,100, with a stop loss of Rs 88,100 and a target of Rs 91,100.

Meanwhile, COMEX gold in the international market was down 0.12 per cent at $2,344.2 per ounce.

"Today, trading might be somewhat lackluster as the US observes Juneteenth holiday. Spot gold is expected to range trade between $2315 and $2350 with a slight positive bias, though, overall, short term bias remains bearish," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

"Overall sentiments remain mildly positive in favour of gold while technical indicators remain neutral on charts. Major supports for the yellow metals exists around $ 2300 & $2277 in spot in short term perspective while resistance exists around $ 2350 per ounce," said Anand Rathi Commodities & Currencies' Qureshi.

Catch all the updates of June 19 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.