Gold and Silver rate today (May 15, 2024): Yellow metal futures above Rs 72,600, white metal above Rs 85,750

Gold and Silver rate today (May 15, 2024): Domestic precious metal futures on Wednesday traded nearly half a per cent higher, as a report showed wholesale inflation rose more than expected in April. Additionally, Federal Reserve Chair Jerome Powell called for "patience" on interest rate cuts.

MCX gold futures (Jun 5) rose 0.44 per cent or Rs 321 at Rs 72,618 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were up 0.41 per cent or Rs 346 at Rs 85,763 per kg.

"The prices witnessed buying on the positive forecast for US CPI data to be released in the evening, hinting at inflation cooling off, which could prompt the Fed to cut rates sooner. The bullish trend in gold prices remains intact as long as prices stay above Rs 70,000 in MCX," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. 

Meanwhile, COMEX gold in the international market was up 0.42 per cent at $2,369.7.

Should you invest in gold now?

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold June futures on dips at Rs 72,300, keeping the stop loss at Rs 71,800 and a target price of Rs 72,900. For silver July futures, she recommended buying on the dips at Rs 85,500, with a stop loss of Rs 84,500 and a target of Rs 87,500.

Here's a list of indicative spot gold prices in some of the major cities in the country: 

City-wise gold rate (24k) in India (May 15, 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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