Yellow metal gold climbs to Rs 72,230 per 10 gm on Akshaya Tritiya; silver zooms to over Rs 85,300/kg

Gold and Silver rate today (May 10, 2024): On the auspicious occasion of Akshaya Tritiya today, gold prices edged higher in domestic markets tracking international gold prices as recent economic data prompted traders to raise bets of an interest rate cut from the Federal Reserve later this year.

On the MCX, Gold June futures contracts traded higher by Rs 510 or 0.71 per cent at Rs 72,149 per 10 gm, while at day's high it climbed to levels of Rs 72,230 per 10 gm. MCX July silver contracts were up by 0.69 per cent or Rs 580 at Rs 85,079 per kg.

“Gold and silver prices inched higher after trading steady for the past few sessions amidst better-than-expected economic data from the US and a fall in US Yields. This week is relatively light with regards to the economic numbers from the US; however, comments from Fed officials, BOE monetary policy meeting and US weekly jobless claims were a few important events,” said Manav Modi, Analyst, Commodity and Currency, MOFSL. 

The US weekly jobless claims were reported better than expectations, at a six-month high.This significant jump in claims once again raised hopes for a rate cut in the month of September- the bets for the same are currently at 50%. 

Meanwhile, COMEX gold in the international market was up  0.87 per cent at $2,360.7 per ounce..

Fed officials' comments this entire week have been against an early rate cut this year amidst sticky inflation concerns. 

“Attacks from Israel continue, putting cold water on the hopes for truce talks and boosting the safe-haven appeal for gold and silver. Sentiments on the domestic front also witnessed some support on the back of Akha Teej festival,” added Modi.