Gold and Silver rate today (May 2, 2024): Precious metal edge higher; yellow metal above Rs 71,150; white metal at Rs 81,400

Gold and Silver rate today (May 2, 2024): Domestic precious metal futures on Thursday edged higher as investors found comfort in the Federal Reserve’s signal that it will still pivot to lowering borrowing costs after gaining enough confidence that price gains are cooling.

Last seen, MCX gold futures (Jun 5) rose 0.62 per cent or Rs 440 at Rs 71,165 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were up 0.21 per cent or Rs 173 at Rs 81,400 per kg. 

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold June futures on the rise at 71,100, keeping the stop loss at Rs 71,750 and a target price of Rs 70,200. For silver July futures, she recommended selling on the rise at Rs 81,300, with a stop loss of Rs 82,300 and a target of Rs 79,300.

Meanwhile, COMEX gold in the international market was down 0.78 per cent at $2,329.

"Gold is expected to range trade ahead of the US nonfarm payroll report to be released Friday. Although the Fed was somewhat dovish, the upside is expected to be limited as rate cut expectations are being pushed back amid contained geopolitical tensions. Support is at $2300/$2280/$2265. Resistance is at $2350/$230," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

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

City-wise gold rate (24k) in India (May 2, 2024)

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

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