Gold and Silver rate today (June 21, 2024): Yellow metal trades above Rs 72,750, white metal falls

Gold and Silver rate today (June 21, 2024): Domestic precious metal futures on Friday traded mixed even as weak economic data in the US boosted hopes of an interest rate cut by the US Federal Reserve this year. 

MCX gold futures (Aug 5) were up Rs 174 or 0.24 per cent at Rs 72,760 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) traded with a drag of Rs 134 or 0.15 per cent at Rs 91,531 per kg.

“Gold and silver prices climbed more than 1 per cent on Thursday, reaching their highest levels in two weeks, driven by U.S. economic data that increased the likelihood of Federal Reserve interest rate cuts later this year,"  said Rahul Kalantri, VP-Commodities at Mehta Equities.

In the domestic market, gold and silver prices also benefited from a weaker rupee, which fell to a lifetime low against the dollar on Thursday.

The prices of precious metals were further supported by a decline in U.S. jobless claims, which dropped to 238,000 last week from 243,000 the previous week, and a 5.5% fall in the construction of new U.S. homes in May, marking the lowest level in four years. Additionally, the pound and UK bond yields dipped on Thursday after the Bank of England held interest rates at a 16-year high of 5.25%. We expect gold and silver prices to remain volatile in today’s session, Kalantri added.

The expert believes gold and silver could hold their support levels of $2328 and $30.00 per troy ounce, respectively, on a weekly closing basis. Kalantri sees support for gold placed at $2340-2321 and resistance at $2374-2388. Silver has support at $30.24-30.03 and resistance at $30.72-30.90, he remarks. In INR terms, gold has support at Rs 72,310-72,140 and resistance at Rs 72,840-73,150. Silver has support at Rs 92,040-91,480 and resistance at Rs 93,200-93,850.Meanwhile, COMEX gold in the international market traded higher by 0.3 per cent at Rs 2,376.1 per ounce.

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