Gold and Silver rate today (July 1, 2024): Domestic yellow metal futures on Monday traded flat with a negative bias, while white metal traded lower.
At the last count, MCX gold futures (Aug 5) were flat with a negative bias Rs 71,531 per 10 gm.
Meanwhile, MCX Silver futures (Sept 5) were down Rs 167 or 0.19 per cent at Rs 89,373 per kg.
For silver September futures, she recommended selling on the rise at Rs 89,500, with a stop loss of Rs 90,500 and a target of Rs 87,500.
Meanwhile, COMEX gold in the international market was down 0.21 per cent at $2,334.8 per ounce.
Gold and Silver rate today (July 1, 2024): Domestic yellow metal futures on Monday traded flat with a negative bias, while white metal traded lower.
At the last count, MCX gold futures (Aug 5) were flat with a negative bias Rs 71,531 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were down Rs 167 or 0.19 per cent at Rs 89,373 per kg.
Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on the rise at 71,600, keeping the stop loss at Rs 72,000 and a target price of Rs 71,200. For silver September futures, she recommended selling on the rise at Rs 89,500, with a stop loss of Rs 90,500 and a target of Rs 87,500.
Meanwhile, COMEX gold in the international market was down 0.21 per cent at $2,334.8 per ounce.
"Last week, the metal capped its third consecutive quarterly gain, the best run since the pandemicblighted 2020. It’s advance this year has been supported by expectations of Fed rate cuts, as well as buying by central banks and demand for a haven amid geopolitical tensions," said Anand Rathi Commodities & Currencies' Qureshi.
Qureshi added overall, gold is likely to stay positively biased this week amid a gradual slowdown in the jobs market seen with markets still pricing in a possibility of two rate cuts in 2024.
On a similar line, Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd said gold may remain under pressure due to a stronger dollar and higher bond yields, despite ongoing support from global ETF inflows and expectations of Fed rate cuts.
Triggers that can affect yellow metal movements:
>> US Fed's Chair speech due on July 2.
>> Crucial labor market indicators
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