Gold and Silver rate today (May 22, 2024) check 24k gold price in mumbai delhi chennai kolkata and other cities fomc meeting

Gold and Silver rate today (May 22, 2024): Domestic precious metal futures on Wednesday traded under pressure ahead of the FOMC meeting minutes decision. 

MCX gold futures (Jun 5) slipped 0.15 per cent or Rs 109 at Rs 73,912 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) slumped 0.62 per cent or Rs 587 at Rs 94,138 per kg.

"Gold having corrected in yesterday's trade may stay cautious ahead of Fed minutes scheduled late evening today amid Fed members consensus over timing of rate cuts to be closely scrutinized," said Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies.

Meanwhile, COMEX gold in the international market was down 0.61 per cent at $2,423.3.

"Gold is expected to range trade ahead of the FOMC minutes. Support is at $2400/$2380, whereas resistance is at $2450/$2475. Traders continue to buy the dips as their preferred strategy. The metal may reach the $2500 level in the short term," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Should you invest in gold now?

Anand Rathi Commodities & Currencies' Neha Qureshi recommended buying gold June futures on dips at Rs 73,900, keeping the stop loss at Rs 73,500 and a target price of Rs 74,500. For silver July futures, she recommended buying on the dips at Rs 94,700, with a stop loss of Rs 93,700 and a target of Rs 96,700.

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 22, 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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