Gold and Silver rate today (May 24, 2024): Gold trades subdued at Rs 71,510, silver futures near Rs 91,000 levels

Gold and Silver rate today (May 23, 2024):Gold futures on the MCX tracking international rates traded subdued as the recent Fed meeting minutes suggested a delay in monetary policy easing. 

MCX gold futures (Jun 5) traded weak by 0.11 per cent or Rs 76 at Rs 71,510 per 10 gm after closing at Rs 71,577 during the previous trade. Meanwhile, MCX Silver futures (Jul 5) was up 0.58 per cent or Rs 523 at Rs 90,960 per kg, while at day's high it neared Rs 91,000 levels.

“Gold and silver prices experienced a dramatic selloff over the past two trading days, with gold plummeting by more than $100 per ounce and silver plunging around $2.50 per ounce. This drop was triggered by the release of the Federal Open Market Committee (FOMC) meeting minutes, which fuelled concerns about a more hawkish Federal Reserve. The dollar index rebounded after the FOMC meeting minutes, and U.S. 10-year bond yields also gained, pushing gold and silver prices lower, noted  Rahul Kalantri, VP Commodities, Mehta Equities. 
 
However, robust demand from global central banks and geopolitical tensions could support prices at lower levels, he added.

COMEX gold in the international market was meanwhile trading lower by 0.09 per cent at $2,335.4.

Gold price outlook

Gold having fallen sharply from its all-time high on Monday is threatening to turn bearish from a technical perspective says Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies. With probability of an interest rate cut going down in September to below 50 per cent, prices are expected to remain subdued in day trade today, she added.

Gold has support at $1,312-$1,288 and resistance at $1,345-$1,361. Silver has support at $29.90-$29.75 and resistance at $30.51-$30.70. In INR, gold has support at Rs 71,280-Rs 71,050 and resistance at Rs 71,840-Rs 72,050. Silver has support at Rs 89,550-Rs 89,100 and resistance at Rs 91,140-Rs 91,780, said Kalantri.

Gold/ silver trading strategy

Qureshi recommends a sell on rise strategy for Gold June futures at Rs 71,500 for a target of Rs 70,800, keeping a stop loss at Rs 72,000. While for silver July futures, she has given a similar strategy at Rs 90,500 for a target of Rs 88,500 and stop loss at Rs 91,500.

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 24, 2024)

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