Gold price today (May16, 2023): Precious metal futures trade under pressure, gold near Rs 61,000, silver above Rs 73,000

Gold rate today (May 16, 2023):​ Precious metals futures traded under pressure near Rs 61,000 per 10 grams mark in the domestic market on Tuesday, May 16.

MCX gold futures (June 5) were down by 0.14 per cent or Rs 88 at  Rs 60,939 per 10 grams at the last count, having traded between Rs 60,913 and Rs 61,498 earlier in the day. Silver futures (July 5) were down by 0.23 per cent or Rs 169 at Rs 73,233 per kg. 

In the international market, COMEX gold traded at $2,021 per ounce.

"The COMEX gold is trading in a narrow range in Asian trade after Federal Reserve officials stated that interest rates could still rise further amid relatively high inflation and a robust labor market. Meanwhile, the dollar index is trading below the 102.5 level. The COMEX gold is having support near $2,014 and resistance at $2,026," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $2,016.7 per ounce.

Ajay Kedia, Director, Kedia Commodities has recommended buying gold June futures for Rs 60,950  with a stop loss at Rs 60,780 and a target of Rs 61, 250. He recommends buying silver July futures at Rs 73,000 with a stop loss of Rs 73,200 and a target of Rs 73,300. 

"Gold continued to trade steadily in early trade today in international markets despite the elevated dollar index. Although anxiety over debt ceiling negotiations looms large which could keep prices supportive on the lower side, one might expect prices to trade with a positive bias ahead of same-in-day trade. However, the focus to also remain on US Retail sales & Industrial production numbers due later in the day for any indication of the deteriorating health of the economy which could drive safe-haven bets in the yellow metal," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies. 

She recommends selling gold June futures on rise at Rs 61,000, with a stop loss of Rs 61,200 and a target of Rs 60,600. She recommends selling silver July futures at Rs 73,500 with a stop loss of Rs 73,500 and a target of Rs 71,500. 

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

City-wise gold price (24k) in India (May 16, 2023) 

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