Gold and Silver Rates Today (July 1, 2024): Yellow Metal Below 71,550, White Metal Below 89,400; Should You Buy?

On July 1, 2024, the prices of gold and silver showed a mixed trend in the domestic market. Gold futures traded flat with a slight negative trend, while silver futures saw a decline.

As of the latest update, MCX gold futures for August 5 were trading flat with a slight negative bias at Rs 71,531 per 10 grams. On the other hand, MCX silver futures for September 5 dropped by Rs 167 or 0.19% to Rs 89,373 per kilogram.

Neha Qureshi, a Senior Technical and Derivative Research Analyst at Anand Rathi Commodities & Currencies, suggested selling gold August futures if the price rises to Rs 71,600, with a stop loss at Rs 72,000 and a target price of Rs 71,200. For silver September futures, she recommended selling if the price rises to Rs 89,500, with a stop loss at Rs 90,500 and a target of Rs 87,500.

In the international market, COMEX gold was down by 0.21%, trading at $2,334.8 per ounce.

“Last week, gold marked its third consecutive quarterly gain, the best streak since the pandemic-hit 2020. This year’s rise has been driven by expectations of Federal Reserve rate cuts, central bank purchases, and demand for a safe haven amid geopolitical tensions,” said Qureshi from Anand Rathi Commodities & Currencies.

Qureshi also mentioned that gold is expected to maintain a positive bias this week due to a gradual slowdown in the job market, with markets still considering the possibility of two rate cuts in 2024.

Similarly, Prathamesh Mallya, DVP-Research for Non-Agri Commodities and Currencies at Angel One Ltd, noted that gold might face pressure from a stronger dollar and higher bond yields, despite support from global ETF inflows and expectations of Fed rate cuts.

Key factors that could influence gold prices include:

• The US Federal Reserve Chair’s speech on July 2.
• Important labor market indicators.

Stay updated with all the developments from the July 1 session on Dalal Street here. For more news related to business, politics, technology, and automobiles, visit Zeebiz.com.

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