Gold and Silver rate today (June 4, 2024): Precious metal futures subdued amid Lok Sabha elections vote counting

Gold and Silver rate today (June 4, 2024): Domestic precious metal futures were subdued amid ongoing Lok Sabha election vote counting.

MCX gold futures (Aug 5) were flat with negative bias at Rs 72,166 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were flat with positive bias at Rs 92,099 per kg.

" Overall expectations remains of mildly positive bias to persist in day trade amid US macro cues ahead including labour market numbers to provide further direction to prices," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommended buying gold August futures on dips at 72,200, keeping the stop loss at Rs 71,800 and a target price of Rs 72,700. For Silver July futures, she recommended buying on dips at Rs 92,000, with a stop loss of Rs 91,000 and a target of Rs 94,000.

Meanwhile, COMEX gold in the international market was down 0.13 per cent at $2,366.3 per ounce.

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas sees support at $2320/$2295-$2300 zone/$2277 and resistance at $2350/$2365/$2380/$2400. 

"Spot gold is expected to trade with a positive bias, though gains in domestic prices may be trimmed on a possibile appreciation in the domestic currency on the Lok sabha election results," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support at $2330/$2320 and resistance at $2365/$2385.

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch all the updates of June 4 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

Catch all the latest updates on the counting of votes for Lok Sabha, state Assembly and bye elections here.