Gold and Silver rate today (Aug 5, 2024): Domestic precious metal futures on Monday edged higher amid weak US employment data that sent bond yields and the dollar tumbling.
At the last count, MCX gold futures (Oct 4) were up Rs 403 or 0.58 per cent at Rs 70,192 per 10 gm. Meanwhile, MCX Silver futures (Sept 5) were up 0.74 per cent or Rs 607 at Rs 83,100 per kg.
Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold August futures on dips at 70,00, keeping the stop loss at Rs 69,500 and a target price of Rs 70,900. For silver September futures she recommended buying on dips at Rs 83,000, with a stop loss of Rs 82,000 and a target of Rs 85,000.
“The risk-off flight from equities and volatility in global currencies including the Japanese Yen may be a headwind to gold in the short run as the precious metal tends to come under pressure during sharp global corrections and unwinding of currency-based trades. However, gold is still a winner in medium to long term perspective given increasing probabilities of multiple rate cuts to happen in 2024 to drive gold again to newer highs,” said Qureshi.
Meanwhile, COMEX gold in the international market was up 0.65 per cent at $2,485.9 per ounce.
“Gold price slipped on Friday due to profit taking from the elevated levels seen on the expectation of a rate cut before Fed decision,” said Anand James, Chief Market Strategist, Geojit Financial Services.
Check out city-wise spot 24k gold prices on Aug 5, 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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