Breaking News: Gold Surges Above Rs 72,000 and Silver Jumps Up by Rs 1200! Check Out Today’s Rates (June 20, 2024)

Key Takeaways:
– Domestic precious metal futures rose on June 20, 2024, fueled by weak retail sales data and lower inflation figures.
– MCX gold futures (Aug 5) increased by 0.38% to Rs 72,007 per 10 gm, while MCX Silver futures (Jul 5) rose by 1.4% to Rs 90,725 per kg.
– Analysts suggest buying gold and silver futures on dips for potential gains in the market.
– COMEX gold in the international market remained flat with a positive bias at $2,347.2 per ounce.
– Short-term outlook for gold is somewhat bearish, with support at $2315/$2300 and resistance at $2345-$2350 zone/$2367.

Gold and Silver Rate Today:

Domestic precious metal futures on Thursday gained driven by weak retail sales data and lower inflation figures.

Analyst Recommendations:

• Neha Qureshi recommended buying gold August futures on dips at Rs 71,700 with a target price of Rs 72,300.
• For silver July futures, she suggested buying on dips at Rs 89,500 with a target of Rs 91,500.

COMEX gold in the international market was flat with a positive bias at $2,347.2 per ounce.

Praveen Singh from Sharekhan by BNP Paribas expects gold to trade in a range-bound fashion with support at $2315/$2300 and resistance at $2345-$2350 zone/$2367.

For more updates on the June 20 session on Dalal Street, visit Zeebiz.com.

FAQ:

1. What factors drove the rise in domestic precious metal futures on June 20, 2024?

The rise in domestic precious metal futures was driven by weak retail sales data and lower inflation figures.

2. What were the recommendations from analysts regarding gold and silver futures?

Neha Qureshi recommended buying gold August futures on dips at Rs 71,700 with a target of Rs 72,300. For silver July futures, she suggested buying on dips at Rs 89,500 with a target of Rs 91,500.

3. What is the short-term outlook for gold according to Praveen Singh?

Praveen Singh expects a somewhat bearish short-term outlook for gold with support at $2315/$2300 and resistance at $2345-$2350 zone/$2367.