Gold and Silver Rates Today (April 10, 2024): Domestic precious metal futures rose on Wednesday as investors braced for U.S. inflation data that will weigh on the Federal Reserve’s interest rate outlook.
MCX Gold futures last traded (June 5) at Rs. 125 or 0.18 percent at Rs 71,465 per 10 grams. Meanwhile, MCX silver futures (May 3) closed up Rs 300 or 0.36 per cent to trade at Rs 82,750/kg.
Neha Qureshi, chief technical and derivatives analyst at Anand Rathi Commodities and Currency, has recommended buying gold June futures with a drop of Rs 71,400, a stop loss of Rs 70,900 and a target price of Rs 71,900. For May silver futures, it suggests a downside of Rs 82,500, with a stop loss of Rs 81,500 and a target of Rs 84,500.
Meanwhile, on the international market, COMEX gold rose 0.30 percent to $2,369.3.
“Overall, cautious moves are expected ahead of the data release later in the day, while the minutes scheduled after the Fed minutes may give a new direction to prices in the coming sessions,” said Neha Qureshi. Technical Analyst and Derivatives Research Analyst at Anand Rathi. Goods and Coins.
“With the gold trade currently saturated, buyers should be cautious, especially as the US economy remains resilient and geopolitical tensions largely contained,” said Praveen Singh, senior vice president of underlying currencies and commodities at BNP Paribas Sher Khan.
According to Singh, gold trading is likely to remain in line with US inflation data. Traders are anxiously awaiting the FOMC minutes (March 20) and information on the Fed’s possible stance on monetary policy. He sees support at $2300/2265/2250 and resistance at $2375/2400 for spot gold.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
