Gold and Silver rate today (June 20, 2024): Yellow metal above Rs 72,000, white metal gains Rs 1200

Gold and Silver rate today (June 20, 2024): Domestic precious metal futures on Thursday gained driven by weak retail sales data and lower inflation figures. 

MCX gold futures (Aug 5) were up Rs 275 or 0.38 per cent at Rs 72,007 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were up Rs 1,250 or 1.4 per cent at Rs 90,725 per kg.

"Gold prices remained positive above $2,335 and Rs 72,000, as US participants returned from the Juneteenth holiday with a buying sentiment. This was driven by weak retail sales data and lower inflation figures. Expectations for a rate cut in September are growing, but if any Fed members hint at a delay beyond September, profit booking in gold is likely. The current support levels are reinforced by economic data, while any signals of prolonged higher rates could trigger selling pressure," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies 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 89,500, with a stop loss of Rs 88,500 and a target of Rs 91,500.

Meanwhile, COMEX gold in the international market was flat with a positive bias at $2,347.2 per ounce.

"Today's US data include weekly job report, housing starts (May) and Philadelphia Fed Business Outlook Index (June). Gold is expected to trade in a range bound fashion. Short term outlook is somewhat bearish, though further weakness in the US data would help the metal in correcting higher," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support at $2315/$2300 and resistance is at the $2345-$2350 zone/$ 2367. 

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