Gold rate today (May 12, 2023):​ Precious metal in the domestic market on Friday traded under pressure after the release of sticky U.S. producer price index (PPI) inflation data.

Last seen, on MCX, gold futures (June 5) was down by 0.17 per cent or Rs 102 at Rs 60,790 per 10 grams. MCX Gold June futures traded between Rs 60,850  and Rs 61,845 on May 12, 2023. Meanwhile, Silver futures (July 5) was down by Rs 553 or 0.75 per cent at Rs 73,255 per kg. 

In the international market, COMEX gold traded at $2016 per ounce.

"The COMEX gold is trading lower in early trade after sticky U.S. producer price index (PPI) inflation data. The market participants are now scaling back their expectations for any interest rate cuts by the Federal Reserve this year. The dollar index is trading near the 102 level . The COMEX gold is having support near $2,008 and resistance at $2,025," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $2,009.9 per ounce.

What analyst suggests?

"Gold and Silver can see a contra move today. buy on dips is suggested," said Vandana Bharti, AVP, Commodities Research, SMC Global Securities.

Bharti suggests buying silver July contract on rise by keeping a stop loss of Rs 73,600 and a target of Rs 74,200.

Gold price history

Gold prices in India have fluctuated in 2023. The price of gold has increased considerably since 2022. The yellow metal's price grew by roughly Rs.3,000 in the first six months of the year, representing a gain of nearly 6.5 per cent. The Russia-Ukraine war, US Fed rate hikes, and inflation have all contributed to rising gold prices. The rise in gold demand has caused the stock market to decrease since the beginning of the year.

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