Gold and Silver rate today (March 7, 2024): Domestic yellow metal subdued above Rs 65,200; white metal trades lower at Rs 74,000

Gold and Silver rate today (March 7, 2024): Domestic yellow metal futures on Thursday were subdued as the markets found Fed Chair Powell's testimony to be somewhat less hawkish as compared to his recent speeches. Meanwhile, domestic white metal tested the Rs 74,000 level. 

Last seen, MCX gold futures (Apr 5) were flat with a positive bias at Rs 65,230 per 10 grams at the last count, having traded between Rs 65,205 and Rs 65,298 earlier in the day. MCX Silver futures (May 5) slipped 0.19 per cent or Rs 138 at Rs 74,000 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends buying Gold April futures on dips at 65,200, keeping the stop loss at Rs 64,900 and a target price of Rs 65,500. For Silver May futures she recommends buying on dips at Rs 73,900, with a stop loss of Rs 72,900 and a target of Rs 75,900. 

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2157.5.

"Overall a new wave of buying by macro hedge funds and commodity trading advisors has bolstered speculative bets, while economic risks and geopolitical tension are adding fuel to the fire. Further macro cues in terms of payrolls numbers due tomorrow is crucial for any further direction for next week, said Anand Rathi Commodities & Currencies' Qureshi.

"As momentum buyers and fast money chase this out-of-nowhere rally in the yellow metal, a rise to $2200/$2215 remains on the card. Similarly, a sharp correction is not ruled out either. Buying on dips is preferred," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support for Spot gold at $2135/$2100/$2088 and interim resistance at $2165. 

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold rate (24k) in India (March 7, 2024)

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

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.