Gold and Silver rate today (May 6, 2024): Precious metals edge higher; yellow metal near Rs 70,900; white metal near Rs 81,800

Gold and Silver rate today (May 6, 2024): Domestic precious metal futures on Monday edged higher after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the Federal Reserve fights inflation.

Last seen, MCX gold futures (Jun 5) rose 0.33 per cent or Rs 232 at Rs 70,900 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were up 0.93 per cent or Rs 750 at Rs 81,793 per kg. 

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold June futures on the rise at 70,900, keeping the stop loss at Rs 71,300 and a target price of Rs 70,500. For silver July futures, she recommended selling on the rise at Rs 81,800, with a stop loss of Rs 82,800 and a target of Rs 79,800.

Meanwhile, COMEX gold in the international market was up 0.45 per cent at $2,318.9.

"Spot gold may rise to $2350/$2360 on softer than expected US data released last week; however, renewed inflationary concerns and lack of fresh escalation in the geopolitical situation will keep the upside contained. Overall, the expected short term range is $2250-$2350," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities.

City-wise gold rate (24k) in India (May 6, 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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