Gold and Silver rate today (May 31, 2024): Gold futures climb marginally ahead of key US print, silver falls up to Rs 1300/kg

Gold and Silver rate today (May 31, 2024): Domestic precious metal futures taking cues from global markets traded higher marginally as investors await the crucial US inflation reading due to be released later in the day.

MCX gold futures (Jun 5) were up by 0.07 per cent at Rs 71,945 per 10 gm, after closing the earlier session at Rs 71,896 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were up Rs 2,014 or 2.09 per cent at Rs 94,148 per kg.

"Gold and silver exhibited a mixed trend in international markets following the release of U.S. GDP data, which aligned with market expectations. The second estimate for first-quarter GDP showed a year-on-year growth of 1.3%, slightly above the anticipated 1.2%. The dollar index and U.S. 10-year bond yields eased after the GDP data release, which supported precious metal prices. However, hawkish comments from Fed member Kashkari regarding interest rate cuts exerted downward pressure on prices. While gold prices rebounded from their lows, a sell-off in industrial metals led to a decline in silver prices," remarked Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Today's U.S. personal consumption expenditure data could further influence the bullion market.

Ahead of the key US personal consumption expenditure reading and European inflation figure, bullion prices are expected to remain volatile.

Gold has support at $2334-2320 and resistance at $2360-2372. Silver has support at $30.82-30.60 and resistance at $31.40-31.64. In INR terms, gold has support at Rs 71,640-71,420 and resistance at Rs 72,180-72,480. Silver has support at Rs 93,450-92,780 and resistance at Rs 94,850-95,550, Kalantri added.

Meanwhile, COMEX gold in the international market was down 0.1 per cent at $2,364.2 per ounce

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 31, 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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