Gold and Silver rate today (May 28, 2024): Domestic metal futures on Tuesday traded under pressure as traders looked ahead to US inflation data this week that may influence the timing of the Federal Reserve’s pivot to cutting borrowing costs. 

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MCX gold futures (Jun 5) slipped 0.23 per cent or Rs 169 at Rs 71,840 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were down 0.33 per cent or Rs 312 at Rs 94,296 per kg.

"Gold prices were weak in the first half of the session in both COMEX and MCX markets. Following a strong rally yesterday, prices paused within a small range of $2,340-$2,353 in Comex and Rs 71,770 to Rs 72,030 in MCX. The mixed market reaction came after renewed tensions in the Middle East. This week's focus is on the PCE price index release on Friday, which will provide hints about inflation. Traders are expected to remain active within a range of Rs 71,500 to Rs 72,500 in MCX, amid the anticipated volatility," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Meanwhile, COMEX gold in the international market was up 0.42 per cent at $2,344.4.

"Gold having witnessed a steady trade yesterday could continue to consolidate amid focus to remain on the US PCE Index due later in the week along with GDP numbers to provide fresh direction to prices," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Should you invest in gold now?

Anand Rathi Commodities & Currencies' Neha Qureshi recommended buying gold June futures on dips at Rs 71,900, keeping the stop loss at Rs 71,400 and a target price of Rs 72,500. For silver July futures, she recommended buying on the dips at Rs 94,600, with a stop loss of Rs 93,600 and a target of Rs 96,600.

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 28, 2024)

Cities Gold prices for 24k (10 grams)
Mumbai Rs 74,205
Delhi Rs 74,200
Chennai Rs 74,440
Kolkata Rs 74,370
Bengaluru Rs 74,470
Hyderabad Rs 74,465
Ahmedabad Rs 74,425
Bhopal Rs 74,150
Visakhapatnam Rs 74,460
Jaipur Rs 74,355
Lucknow Rs 74,185
Coimbatore Rs 74,550
Madurai Rs 74,485

(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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