Gold prices today (May 31, 2023): Yellow metal hovers near Rs 60,00 - check out city-wise prices in Mumbai, Delhi and other cities

Gold price today (May 31, 2023): Yellow metal traded under pressure in the domestic market on Wednesday, May 31, 2023.

MCX gold futures (June 5) were flat at  Rs 59,960 per 10 grams at the last count, having traded between Rs 59,911 and Rs 59,995 earlier in the day. Silver futures (July 5) were flat at Rs 70,963 per kg. 

"Gold following bonds rally as the latter rallies on the notion of the US avoiding a default may not be a sustainable factor for the metal. Today's China data show that the nation's manufacturing PMI fell to 48.80 in May from 49.20 in April, while the non-manufacturing PMI expanded at the slowest pace in four months as the Index fell to 54.50 in May from 56.40 in April. China's data may boost the US Dollar Index," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

He added Gold is expected to face continued downside pressure in the near-term, though US nonfarm payroll data due Friday will be crucial for the financial markets.

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommends selling gold futures on rise for Rs 60,000 with a stop loss of Rs 60,200 and a target of Rs 59,600. For silver futures, she recommends selling on rise at Rs 71,200, keeping the stop loss at Rs 72,200 and a target of Rs 69,500.

In the international market, COMEX gold traded at $1,957.9 per ounce.

"The COMEX gold prices are trading lower in Asian trade as markets participant's awaited more cues on the raising of the U.S. debt ceiling. The dollar retreated from 10-week highs amid some profit-taking and in anticipation of the data, capped the downside for yellow metal The dollar index is trading at the 104.20 level. The COMEX gold is having support near $1,968 and resistance at $1,981," said  NS Ramaswamy, Head of Commodities, Ventura Securities. 

Spot gold was flat in the international market and stood at $1958.3 per ounce.

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

City-wise gold price (24k) in India (May 31, 2023) 

(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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