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.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

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)

Cities Gold prices for 24k (10 grams)
Mumbai Rs 73,665
Delhi Rs 73,725
Chennai Rs 73,840
Kolkata Rs 73,790
Bengaluru Rs 73,910
Hyderabad Rs 73,810
Ahmedabad Rs 73,865
Bhopal Rs 73,805
Visakhapatnam Rs 73,860
Jaipur Rs 73,840
Lucknow Rs 73,810
Coimbatore Rs 73,970
Madurai Rs 73,965

(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 highlights of the May 8 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.