Today’s Gold and Silver Prices (June 21, 2024): Gold Surges to Rs 72,750, Silver Slumps

Key Takeaways:

• MCX gold futures were up by 0.24% at Rs 72,760 per 10 gm.
• MCX silver futures traded down by 0.15% at Rs 91,531 per kg.
• Gold and silver prices rose over 1% due to weak economic data in the US.
• Weaker rupee also supported the increase in precious metal prices.
• Expert predicts continued volatility in gold and silver prices.

Gold and Silver Rate Today:

Domestic precious metal futures on Friday traded mixed even as weak US economic data boosted hopes of an interest rate cut by the Federal Reserve this year. MCX gold futures (Aug 5) were up by Rs 174 or 0.24% at Rs 72,760 per 10 gm, while MCX silver futures (Jul 5) traded with a drag of Rs 134 or 0.15% at Rs 91,531 per kg.

Gold and silver prices climbed more than 1% on Thursday, reaching their highest levels in two weeks, driven by US economic data that increased the likelihood of Federal Reserve interest rate cuts later this year, according to Rahul Kalantri, VP-Commodities at Mehta Equities.

Prices were further supported by a decline in US jobless claims and a fall in the construction of new US homes in May. Expert predicts gold and silver prices will remain volatile in today’s session.

Expert Predictions:

Meanwhile, COMEX gold in the international market traded higher by 0.3% at Rs 2,376.1 per ounce.

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FAQs:

1. What factors are influencing the rise in gold and silver prices?

The rise in gold and silver prices is influenced by weak economic data in the US, a decline in US jobless claims, and a weaker rupee.

2. What does the expert predict about the future of gold and silver prices?

The expert predicts continued volatility in gold and silver prices and expects them to hold their support levels.

3. How is the international market affecting the prices of gold and silver?

COMEX gold in the international market traded higher, which also contributed to the rise in gold and silver prices.