Key Takeaways:
- Gold and silver futures traded under pressure due to the Federal Reserve’s signals on interest rates.
- MCX gold futures were down by 0.6% while MCX silver futures were down by 1.74%.
- Experts recommend selling gold and silver futures on rise with specific targets and stop losses.
- COMEX gold in the international market was down by 0.92%.
- Spot gold is expected to trade with a bearish bias according to experts.
Gold and Silver Rate Today (June 13, 2024):
Domestic precious metal futures on Thursday traded under pressure as investors digested the latest signals from the Federal Reserve that it’s unlikely to implement more than one interest-rate cut this year.
MCX Gold and Silver Futures:
| Commodity | Change | Price |
|---|---|---|
| Gold (Aug 5) | Down by Rs 434 (0.6%) | Rs 71,536 per 10 gm |
| Silver (Jul 5) | Down by Rs 1,578 (1.74%) | Rs 88,867 per kg |
According to experts, gold traded weak due to the Fed’s policy leaning towards a hawkish side and uncertainties surrounding interest rate cuts in 2024 and 2025.
Expert Recommendations:
- Neha Qureshi recommends selling gold August futures at Rs 71,900 with a target price of Rs 71,000.
- For silver July futures, she recommends selling at Rs 90,400 with a target of Rs 88,400.
COMEX gold in the international market was down 0.92% at $2,323.7 per ounce.
Experts predict that spot gold will trade with a bearish bias as traders await more clarity on rate cuts and Fed’s cautious stance.
Support levels for gold are at $2300/$2277 and resistance levels at $2342/$2350/$2365.
(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)
Stay updated with the latest updates on Dalal Street on June 13 and for other news related to business, politics, tech, and auto, visit Zeebiz.com.
FAQ:
1. Why did gold and silver futures trade under pressure on June 13, 2024?
Gold and silver futures traded under pressure due to signals from the Federal Reserve indicating limited interest-rate cuts for the year.
2. What were the recommendations from experts regarding trading gold and silver futures?
Experts recommended selling gold and silver futures on rise with specific target prices and stop losses.
3. What was the performance of COMEX gold in the international market on June 13, 2024?
COMEX gold in the international market was down by 0.92% at $2,323.7 per ounce on June 13, 2024.
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