Gold and Silver Rate Today (July 10): Yellow metal rises to Rs 72,730, white metal at Rs 93,400; key things to know about precious metals
Gold and Silver Rate Today (July 10, 2024): MCX gold and silver futures jumped on Wednesday, July 10, tracking global prices as investors awaited a key inflation reading from the world's largest economy due later in the day.
Gold and Silver Rate Today (July 10, 2024): Domestic gold and silver futures jumped on Wednesday mirroring international benchmarks as investors around the globe awaited a key US inflation reading due later in the day that may influence interest rates in the world's largest economy. On MCX, while gold futures gained to as high as Rs 72,730, silver futures appreciated to as high as Rs 93,400.
Gold Rate Today | Yellow metal futures climb to Rs 72,730
On MCX, gold futures (for August 5 delivery) gained by as much as Rs 332 - or 0.5 per cent - to Rs 72,730.
Silver Rate Today | White metal futures up 0.5% at Rs 93,400
Silver futures (September 5) climbed by as much as Rs 431 - or 0.5 per cent - to Rs 93,400 on MCX.
Gold and Silver Prices | Both precious metals hold on to much of their intraday gains
In the first hour of Wednesday's evening session, gold futures quoted up 0.4 per cent for the day at Rs 72,695 while the silver contract was up 0.3 per cent at Rs 93,260.
Take a Look at Spot Market Rates of Gold and Silver
In the spot market (Ahmedabad), gold stood at Rs 72,438 per 10 grams while silver was at Rs 91,760 per kilogram at the last count on Wednesday evening.
Take a Look at Mumbai Bullion Rates
In the bullion market, gold stood at Rs 72,616 per 10 grams and silver at Rs 91,793 per kg (excluding GST), according to industry body IBJA.
What Analysts say About Gold and Silver Prices
Analysts expect prices of both precious metals to remain volatile ahead of key inflation data from the US and China due this week.
"Gold has support at $2,350-2,334 levels (Rs 72,150-71,840) and resistance at $2,384-2,400 per troy ounce (Rs 72,620-72,880), while silver has support at $30.70-30.40 (Rs 92,500-92,100) and resistance at $31.35-31.66 per troy ounce (Rs 93,600-94,200) today," said Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart.
Gold and Silver | What should investors do?
Jain suggests buying silver on dips to around Rs 92,400 for a target of Rs 93,600 with a stop loss at Rs 91,800.
"Gold and silver could hold their support levels of $2,334 and $29.5 per troy ounce on a weekly closing basis, respectively," he adds.
International Gold and Silver Rates
Spot gold was up 0.6 per cent at $2,378.9 an ounce at the last count, having risen to as high as $2,381.9 an ounce earlier on Wednesday. Spot silver was also up 0.6 per cent, at $31 per ounce.
Rupee nearly unchanged at 83.51 vs dollar
The rupee closed barely in the red at a provisional 83.51 against the US dollar following rangebound intraday moves on Wednesday amid rising crude oil rates and weakness on Dalal Street. The dollar index - which gauges the greenback against six peers other than the rupee - was last down 0.1 per cent at 105.1.
The rupee shares an inverse relationship with gold, which is traded in dollars internationally. A stronger rupee relative to the dollar makes gold cheaper in India, and vice versa.