Gold and Silver rate today (May 22, 2024): Precious metal futures trade lower; yellow metal futures near Rs 74,000, white metal futures below Rs 94,350

Gold and Silver rate today (May 22, 2024): Domestic precious metal futures on Wednesday traded under pressure ahead of the FOMC meeting minutes decision. 

MCX gold futures (Jun 5) slipped 0.12 per cent or Rs 91 at Rs 73,930 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) slumped 0.45 per cent or Rs 423 at Rs 94,302 per kg.

"Gold recovers from an early dip on buying support and in line with its underlying positive trend, supported by diverging views on U.S. monetary policy with markets anticipating rate cuts at Fed's Sept. meeting, while Fed officials are of the view that rates should stay higher for longer till the inflation dips below 2 per cent," said Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial  Services Ltd.

Mer added further support to bullion is renewed buying among ETF inventors globally and safe-haven buying due to Middle-Eastern tensions, however, physical demand is expected to remain weak at current prices. Technically, the trend remains positive till above 73700/ 73580, upside prices may test 74200-74500.

Meanwhile, COMEX gold in the international market was down 0.19 per cent at $2,421.2.

Should you invest in gold now?

Anand Rathi Commodities & Currencies' Neha Qureshi recommended buying gold June futures on dips at Rs 73,900, keeping the stop loss at Rs 73,500 and a target price of Rs 74,500. For silver July futures, she recommended buying on the dips at Rs 94,700, with a stop loss of Rs 93,700 and a target of Rs 96,700.

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 22, 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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