Gold and Silver rate today (May 30, 2024): Precious metal futures trade under pressure; yellow metal below Rs 71,700, white metal falls by over Rs 2,000

Gold and Silver rate today (May 30, 2024): Domestic precious metal futures traded under pressure on Thursday as traders assessed remarks from policymakers and awaited US inflation data that may influence the timing of the Federal Reserve’s much-anticipated pivot to monetary easing.

MCX gold futures (Jun 5) were down 0.57 per cent or Rs 413 at Rs 71,780 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were up Rs 2,014 or 2.09 per cent at Rs 94,148 per kg.

""Gold prices faced strong resistance in the range of $2,340-$2,350 in Comex and ₹72,200-₹72,500 in MCX. Indications of "higher for longer" interest rates boosted the dollar, which rose above 105, putting pressure on gold prices and leading to profit booking and increased volatility. The upcoming PCE price index release on Friday is expected to be a key trigger for price movements, as inflation remains a significant concern," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Meanwhile, COMEX gold in the international market was down 0.41 per cent at $2,331.6.

"Today's major US data include Q1 GDP (second estimate), weekly job data and pending home sales (April). Today and tomorrow are going to be data packed day," said 
Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas

Singh sees support for the yellow metal at $2321/$2300 and resistance at $2354/$2375.

He added gold may trade with a bearish bias ahead of the US GDP data; however, downside is expected to be limited ahead of the US PCE deflator inflation data unless the GDP data throws a big upside surprise. 

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 72,100, keeping the stop loss at Rs 72,500 and a target price of Rs 71,500. For silver July futures, she recommended selling on the rise at Rs 94,800, with a stop loss of Rs 95,800 and a target of Rs 92,800.

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 30, 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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