Gold and Silver rate today (May 8, 2024): Yellow metal subdued slips below Rs 71,150; white metal near 82,700

Gold and Silver rate today (May 8, 2024): Domestic yellow metal futures on Wednesday were subdued with a negative bias, while white metal futures traded lower as investors anticipated additional remarks from Federal Reserve officials to gain insight into the potential timing of interest rate adjustments.

MCX gold futures (Jun 5) were flat with a negative bias at Rs 71,140 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were down 0.19 per cent or Rs 159 at Rs 82,719 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 71,500 and a target price of Rs 70,500. For silver July futures, she recommended selling on the rise at Rs 82,800, with a stop loss of Rs 83,800 and a target of Rs 80,800.

Meanwhile, COMEX gold in the international market was flat with a negative bias at $2,323.3.

"According to the latest data from the World Central Bank, central banks continue to buy gold as net official purchase rose by a net 16 tonne in March. China’s Central Bank extended its buying spree to the eighteenth month as it bought 5 tonne of gold in March. The yellow metal is expected to be range bound in the near term," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh added gold may test the $2350-$2360 resistance zone in the short term and he sees support at $2300/$2265. 

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

City-wise gold rate (24k) in India (May 8, 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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