Gold price today (May 24, 2023): Yellow metal trades flat, above Rs 60,000— Should you buy or sell?

Gold rate today (May 24, 2023): Yellow metal futures traded flat in the domestic market on Wednesday, May 24.

MCX gold futures (June 5) were flat at  Rs 60191 per 10 grams at the last count, having traded between Rs 60,170 and Rs 60,234 earlier in the day. Silver futures (July 5) were down by 0.42 per cent or Rs 304 at Rs 71,860 per kg. 

"Overall we expect volatility in prices of Gold for the remaining week as traders focus on Fed’s meeting minutes and PCE Core prices index numbers
to be released on Friday along with continued negotiations to happen on the debt ceiling front," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends buying gold June futures on dips at Rs 60,100 with a stop loss of Rs 59,900 and a target of Rs 60,500. For silver July futures she recommends buying on dips for Rs 71,500, with a stop loss of Rs 70,500 and a target of Rs 73,500.

In the international market, COMEX gold traded at $1,977.1 per ounce.

"The COMEX gold prices are steady below $1,980 in early trade as the market participants awaited some progress in negotiations over raising the U.S. debt ceiling. Focus was also chiefly on the minutes of the Federal Reserve’s May meeting, due later in the day, for more cues on the path of U.S. interest rates this year.  The dollar index is trading above the 103 level capped upside for the yellow metal. The COMEX gold is having support near $1,968 and resistance at $1,984," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $1975.4 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 24, 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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