Gold and Silver rate today (May 7, 2024): Precious metals trade under pressure; yellow metal below Rs 71,150; white metal below Rs 82,850

Gold and Silver rate today (May 7, 2024): Domestic precious metal futures on Tuesday traded lower as traders evaluated mixed signals about the US economy and awaited insights from Federal Reserve speakers on interest rate prospects.

Last seen, MCX gold futures (Jun 5) were down 0.34 per cent or Rs 240 at Rs 71,129 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) slipped Rs 149 or 0.18 per cent at Rs 82,806 per kg.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold June futures on the rise at 71,400, keeping the stop loss at Rs 71,600 and a target price of Rs 71,000. For silver July futures, she recommended selling on the rise at Rs 83,000, with a stop loss of Rs 84,000 and a target of Rs 81,000.

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Meanwhile, COMEX gold in the international market was down 0.38 per cent at $2,322.3.

"Spot gold may test resistance in the $2350-$2360 zone, though the absence of any material escalation in geopolitical tensions will keep the upside contained. Support is at $2300/$2275/$2265," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities.

City-wise gold rate (24k) in India (May 7, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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