Gold rate today (May 17, 2023): Yellow metal trades in green above Rs 60,000, silver above Rs 73,000

Gold rate today (May 17, 2023):​ Yellow metal futures traded in green above Rs 60,000 per 10 grams mark in the domestic market on Wednesday, May 17.

MCX gold futures (June 5) were up by 0.18 per cent or Rs 106 at  Rs 60,350 per 10 grams at the last count, having traded between Rs 60,305 and Rs 60,374 earlier in the day. Silver futures (July 5) traded flat at Rs 73,638 per kg. 

In the international market, COMEX gold traded at $1,995 per ounce.

"The COMEX gold is trading below the $2,000 mark in Asian hour as uncertainty over the U.S. debt ceiling sparked a rebound in the dollar and Treasury yields. The dollar index is trading near the 102.4 level putting pressure on the yellow metal. The COMEX gold is having support near $1,990 and resistance at $2,008," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $21,990.9 per ounce.

"Gold and silver traded lower after the US and China's economic numbers were lower than estimates. There is uncertainty over the U.S. debt ceiling which has supported the dollar index. Pressure on precious metal will continue and sell on rise is recommended," said Manoj Kumar Jain, director, Prithvi Finmart. 

Jain has recommended selling gold June futures on rise for Rs 60,500/60,600  with a stop loss at Rs 60,900 and a target of Rs 60, 000. He recommends selling silver July futures onm rise at Rs 73,200 with a stop loss of Rs 73,850 and a target of Rs 75,000. 

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

City-wise gold price (24k) in India (May 17, 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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