Gold rate today (May 15, 2023): Yellow metal futures hover near Rs 61,000 as dollar strengthens

Gold rate today (May 15, 2023):​ Yellow metal futures traded flat close to the Rs 61,000 per 10 grams mark in the domestic market on Monday, May 15 as the US dollar strengthened.

MCX gold futures (June 5) were flat at  Rs 60,872 per 10 grams at the last count, having traded between Rs 60,820 and Rs 60,926 earlier in the day. Silver futures (July 5) were at Rs 73,081 per kg. 

In the international market, COMEX gold traded at $2,018.3 per ounce.

"The COMEX gold is trading almost flat in Asian trade as rising fears of slowing economic growth and high-interest rates saw safe-haven demand being redirected towards the dollar. The dollar index is trading near the 102.5 level putting pressure on the yellow metal. The COMEX gold has support near $2,008 and resistance at $2,028," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $2,013.9 per ounce.

"Dollar index has seen a revival and closed at one month high at 102.62, gold and silver are trading flat. I would recommend selling on rises," said Amit Sajeja, Vice President-Currencies and Commodities at Motilal Oswal Financial Services. 

Sajeja suggests selling silver futures (July) on rises at Rs 73,500/73,600 with a stop loss at Rs 74,200. He recommends selling gold June futures on rise at Rs 61,050/61,100 with a stop loss of Rs 61,300. 

"The recent greenback rally seen since last week is expected to persist this week, given the asymmetric setup around the US debt ceiling. Also, a host of Fed officials are lined up to speak as expected to remain hawkish on sticky inflation likely to keep US Fed to keep interest rates steady which could weigh on gold prices this week. Overall prices are expected to trade with limited upside in day trade today," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She also recommends selling gold June contract on rise at Rs 61000, with a stop loss at Rs 61,200 and a target of Rs 60,600. She recommends selling silver July futures on rise at Rs 73,500, with a stop loss of Rs 74,500 and a target of Rs 71,500.

Gold price history

Gold prices have risen about 11 per cent so far in 2023. 

Catch the latest stock market updates here. For more news on sports, politics follow Zee Business