Gold and Silver rate today (May 23, 2024): Precious metal futures trade lower; yellow metal at Rs 72,400, white metal below Rs 91,400

Gold and Silver rate today (May 23, 2024): Domestic precious metal futures on Thursday traded lower after the Federal Reserve's latest policy minutes dampened hopes of an early rate cut.

MCX gold futures (Jun 5) slipped 0.88 per cent or Rs 646 at Rs 72,400 per 10 grams at the last count. It made an intra day low at Rs 72,111. Meanwhile, MCX Silver futures (Jul 5) slumped 1.76 per cent or Rs 1633 at Rs 91,380 per kg.

"Gold prices plummeted below 72,400, down 700 rupees today and 2,000 rupees in just three days, following the release of the Federal Reserve's meeting minutes. The minutes indicated that the Fed is in no hurry to cut interest rates, as inflation levels are still far from the target zone of 2 per cent. This news led to a stronger dollar index and triggered profit-booking in gold, which had previously rallied to 74,000 on expectations of an interest rate cut and geopolitical tensions," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

 However, Trivedi added with the Fed's minutes pouring cold water on rate cut hopes and geopolitical tensions easing, gold prices retreated sharply.

Meanwhile, COMEX gold in the international market was down 1.1 per cent at $2,366.5.

Should you invest in gold now?

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold June futures on rise at Rs 72,600, keeping the stop loss at Rs 73,000 and a target price of Rs 72,000. For silver July futures, she recommended selling on the rise at Rs 91,200, with a stop loss of Rs 92,200 and a target of Rs 89,200.

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 23, 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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