Key Takeaways:
- MCX gold futures traded flat with negative bias at Rs 71,682 per 10 gm.
- MCX Silver futures were down 0.22 percent at Rs 88,882 per kg.
- Experts recommend buying gold and silver futures on dips for potential profits.
- COMEX gold in the international market dipped by 0.12 percent.
- Short term bias for spot gold remains bearish, but overall sentiments are mildly positive.
Gold and Silver Rate Today (June 19, 2024):
Domestic yellow metal futures on Wednesday traded flat, while white metal traded lower as investors assessed mixed US data and remarks from policymakers for clues on the outlook for Federal Reserve rate policy.
| Commodity | Rate | Change |
|---|---|---|
| Gold Futures (Aug 5) | Rs 71,682 per 10 gm | Flat with negative bias |
| Silver Futures (Jul 5) | Rs 88,882 per kg | Down 0.22% |
“Gold has traded in a relatively narrow range since Fed policymakers last week signalled they only expect to cut rates once this year, compared with three reductions forecast in March. Hawkish comments from central bank officials have added pressure in recent days,” said Neha Qureshi, Senior Technical and Derivative Research Analyst, Anand Rathi Commodities & Currencies.
Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas noted, “Today, trading might be somewhat lackluster as the US observes Juneteenth holiday.”
Expert Recommendations:
Neha Qureshi recommended buying gold August futures on dips at Rs 71,700, with a stop loss at Rs 71,300 and a target price of Rs 72,300. For silver July futures, she suggested buying on dips at Rs 89,100, with a stop loss at Rs 88,100 and a target of Rs 91,100.
“Overall sentiments remain mildly positive in favor of gold while technical indicators remain neutral on charts. Major supports for the yellow metals exists around $2300 & $2277 in spot in the short term perspective while resistance exists around $2350 per ounce,” added Qureshi.
Short Term Outlook:
Spot gold is expected to range trade between $2315 and $2350 with a slight positive bias, although the overall short term bias remains bearish.
Catch all the updates of June 19 session on Dalal Street here. For all other news related to business, politics, tech, and auto, visit Zeebiz.com.
FAQ:
1. Should I buy gold futures based on the current market conditions?
It is advisable to consult with a financial advisor or expert like Neha Qureshi before making any investment decisions in gold futures.
2. What factors are contributing to the bearish short term bias for gold?
The cautious approach of Fed policymakers and hawkish comments from central bank officials are some of the factors influencing the bearish short term bias for gold.
3. How can I stay updated on the latest market trends and analysis?
Following reputable financial news websites like Zeebiz.com and consulting with experts like Praveen Singh and Neha Qureshi can help you stay informed on market trends and analysis.
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