Gold price today (May 11, 2023): Yellow metal above Rs 61,000, silver above 76,000 after US inflation data release

Gold rate today (May 11, 2023):​ Yellow metal in the domestic market on Thursday traded flat after the US inflation data release. 

Last seen, on MCX, gold futures (June 5) was flat at Rs 61,245 per 10 grams. MCX Gold June futures traded between Rs 61,205  and Rs 61,297 on May 11, 2023. Meanwhile, Silver futures (July 5) was down by Rs 264 or 0.34 per cent at Rs 76,424 per kg. 

In the international market, COMEX gold traded at $2036.8 per ounce.

"The COMEX gold is trading on flat in Asian trade ahead of U.S jobless claim data late in the day. The US Consumer Price Index (CPI) showed inflation rate was 0.4 per cent in April, in line with expectations, and 4.9 per cent YoY, slightly below the 5 per cent of market consensus. The Core CPI rose 0.4 per cent and the annual rate edged lower from 5.6 per cent to 5.5 per cent, both matching market consensus. Following the numbers, the US Dollar Index turned negative, falling under 101.50. US Treasury bond yields also collapsed, with the 10-year falling to 3.45% from 3.50 per cent and the 2-year to 3.94 per cent. The COMEX gold is having support near $2,028 and resistance at $2,048," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $2,031.3 per ounce.

What analyst suggests?

"Gold has a positive trend and Silver is trading in a tight range. Buy on dips is suggested," said Anuj Gupta, Vice President, IIFL Securities. 

Gupta suggests buying gold June futures on dips at 61,100 keeping a stop loss of Rs 60,750 and a target price of Rs 61,700. For the Silver July contract, she suggests buying on rise at Rs 76,400 keeping a stop loss of Rs 75,950 and a target of Rs 77,500.

Gold price history

Gold prices in India have fluctuated in 2023. The price of gold has increased considerably since 2022. The yellow metal's price grew by roughly Rs.3,000 in the first six months of the year, representing a gain of nearly 6.5 per cent. The Russia-Ukraine war, US Fed rate hikes, and inflation have all contributed to rising gold prices. The rise in gold demand has caused the stock market to decrease since the beginning of the year.

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