Gold and Silver rate today (May 9, 2024): Yellow metal subdued near Rs 71,100, white metal edges higher near Rs 83,600 ahead of Akshay Tritiya; Should you buy or sell?

Gold and Silver rate today (May 9, 2024): Domestic yellow metal futures on Thursday were subdued with a negative bias, while white metal futures edged higher as investors sought fresh clues on the path for US inflation and the outlook for Federal Reserve interest rate policy. 

MCX gold futures (Jun 5) were flat with a negative bias at Rs 71,074 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were up 0.72 per cent or Rs 596 at Rs 83,590 per kg. 

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold June futures on the rise at 71,100, keeping the stop loss at Rs 71,500 and a target price of Rs 70,500. For silver July futures, she recommended selling on the rise at Rs 83,100, with a stop loss of Rs 84,100 and a target of Rs 81,100.

Meanwhile, COMEX gold in the international market was down 0.16 per cent at $2,318.9.

"Gold is expected to take cues from Fedspeak and the weekly job data. It is expected to range trade. Support is at $2300/$2265. Resistance is at $2350-$2365," 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 9, 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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