Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal slips below Rs 72,000, white metal below Rs 84,700

Gold and Silver rate today (May 13, 2024): Domestic precious metal futures on Monday traded lower amid hotter than expected University of Michigan consumer inflation expectations data led to a slide.

MCX gold futures (Jun 5) were down 1.1 per cent or Rs 797 at Rs 71,930 per 10 grams at the last count. The yellow metal futures recorded the day's low at Rs 71,900. Meanwhile, MCX Silver futures (Jul 5) slipped 0.28 per cent or Rs 236 at Rs 84,674 per kg. 

Meanwhile, COMEX gold in the international market was down 1.2 per cent at $2,346.4.

"The yellow metal may correct lower on hawkish Fedspeak, inflation concerns, and China's slower pace of gold buying," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support at $2350/$2335/$2320/$2300 and resistance at $2380/$2400/$2435. 

Should you invest in gold now?

One can purchase gold futures at Rs 70,000-71,000 levels from a short-term perspective, Ajay Kedia, MD at Kedia Commodities, told Zeebiz.com. 

Kedia has placed his target for the near-month yellow metal futures at Rs 74,500 with a stop loss at Rs 68,800.

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 13, 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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