Gold and Silver rate today (July 29, 2024): Yellow metal above Rs 68,350, white metal near Rs 81,850

Gold and Silver rate today (July 29, 2024): Domestic precious metal futures on Monday edged higher as market participants seemed secure the Federal Reserve will lower interest rates at the September meeting, following a soft inflation report.

At the last count, MCX gold futures (Aug 5) were up 0.31 per cent or Rs 214 at Rs 68,400 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up 0.59 per cent or Rs 477 at Rs 81,848 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold August futures on dips at 68,500, keeping the stop loss at Rs 67,500 and a target price of Rs 70,000. For silver September futures she recommended buying on dips at Rs 81,500, with a stop loss of Rs 80,500 and a target of Rs 83,500.

"With Yen expected to bounce a bit ahead of all important BOJ meet scheduled on Wednesday, overall sentiments to remain positive in the start of the week," said Qureshi.

"With the Fed policy meeting this week, all eyes are set on any updates regarding a potential rate cut in September, which could pull Gold prices higher again towards $2,400 in Comex and around Rs 70,000 in MCX," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Meanwhile, COMEX gold in the international market was up 0.31 per cent at $2,388.4 per ounce. 

"Gold prices rose one per cent on Friday as U.S. Treasury yields fell, driven by optimism for a September interest rate cut by the Federal Reserve after modest U.S. price increases in June," said Anand James, Chief Market Strategist, Geojit Financial Services. 

Trigger that are affecting yellow metal movements: 

>> Fed policy meeting

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