Gold and Silver rate today (May 17, 2024): Yellow metal futures trade flat, silver prices mark lifetime high for second day

Gold and Silver rate today (May 17, 2024): Domestic yellow metal futures on Friday tracking international rates traded steady, while silver futures marked a fresh lifetime high for the second consecutive session.

At around 3:12 pm, MCX gold futures (Jun 5) traded with a cut of 0.1 per cent at Rs 72,906 per 10 grams. Meanwhile, MCX Silver futures (Jul 5) quoted higher by 0.27 per cent or Rs 239 at Rs 87,539 per kg. Earlier, in the session, Silver July futures climbed a new high of Rs 87,784 per kg, gaining 0.55 per cent over the previous close.

In the international markets, gold prices are on course for a second consecutive weekly gain, as the recent US CPI inflation print which came in better-than-expectations prompted traders to raise bets for an earlier interest rate cut by the Federal Reserve.

“In April, U.S. CPI inflation rose by 0.4%, slightly below the anticipated, with a year-on-year increase of 3.4%, down from the previous month's 3.5%. Following the release of this data, gold reached one-month highs, while silver prices surged to six-week highs in international markets,”  noted Rahul Kalantri, VP Commodities, Mehta Equities. Cleveland Fed President Loretta Mester expressed approval of the latest CPI data, noting that the current monetary policy stance is appropriate as the Fed continues to assess forthcoming economic data.

Meanwhile, COMEX gold in the international market was down 0.02 per cent at $2,385 per ounce.

Gold finds support at $2,365-$2,348 with resistance at $2,404-$2,422, while silver's support lies at $29.35-$29.10 and resistance at $29.98-$30.20. In terms of INR, gold is supported at Rs 73,630 and Rs 73,410, with resistance at Rs 74,190 and Rs 74,390. Silver finds support at Rs 86,340-85,780, and resistance at Rs 87,560 and Rs 88,100, added Kalantri.

Gold price outlook

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies believes that the precious yellow metal is expected to stay cautious today amid pickup in yields from support levels yesterday. Meanwhile, the metal may still end up with a weekly gain amid overall positive sentiments.

Gold/silver trading strategies

Qureshi recommends buying gold June futures on dips at around Rs 72,700, keeping a stop loss at Rs 72,300 for the target price of Rs 73,300. For silver July futures, she recommended buying on the dips at Rs 87,000, with a stop loss of Rs 86,000 and a target of Rs 89,000.

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 17, 2024)

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