Gold and Silver rate today (June 27, 2024): Domestic precious metal futures on Thursday recovered in the evening trade after beginning the session with some profit booking. 

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At the last count, MCX gold futures (Aug 5) were up Rs 156 or 0.22 per cent at Rs 71,245 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were flat with a positive bias at Rs 86,975 per kg.

"Gold prices showed minor strength after a weak opening, trading with gains near Rs 71,240, supported by COMEX Gold. The rise in the rupee limited the rally in the domestic market. Participants are closely watching the PCE Price Index numbers on Friday to see if inflation continues to cool off. The expected range for Gold is between Rs 70,800 to Rs 71,850," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on the rise at 71,200, keeping the stop loss at Rs 71,600 and a target price of Rs 70,700. For silver July futures, she recommended selling on the rise at Rs 87,000, with a stop loss of Rs 88,000 and a target of Rs 85,000.

"Gold prices continue to remain subsided in the recent weeks with prices trading at two weeks lows at around $2300/oz mark in the international markets. On the MCX, gold prices are trading at around Rs.71000/10 gm's mark as on June 27," said Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd.

Mallya expects gold prices to trade lower in the sessions ahead. $2275/oz in the international markets and Rs 70400/10 gm in the Indian markets seem to be the next trading zones for the week," ahead.

Meanwhile, COMEX gold in the international market was down 0.48 per cent at $2,324.3 per ounce.

 

"Steady global equity market trend with underlying bullish tone suggests that the path of least resistance for the safe-haven Gold price remains on the downside. Meanwhile, the markets are still pricing in the possibility of two rate cuts by the Fed this year in the wake of signs that inflation in the US is subsiding. This, along with persistent geopolitical tensions and political uncertainty, lends some support to gold," said Anand Rathi Commodities & Currencies' Qureshi.

Triggers that can affect yellow metal movements: 

>> Release of the crucial US Personal Consumption Expenditures (PCE) Price Index on Friday.

>> Thursday's US economic docket.

>> US Fed's preferred inflation measure and the US Q1GDP data to be released.

>> The US president Joe Biden and the Republican adversary Donald Trump will face in a pivotal debate later in the US session.

Catch all the updates of the June 27 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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