Gold price today (May 26, 2023): Precious metals trades in green, gold hovers near Rs 60,000; What should investors do?

Gold price today (May 26, 2023): Precious metal futures traded in the green in the domestic market on Friday, May 26.

MCX gold futures (June 5) were up 0.14 per cent or Rs 81 at  Rs 59,541 per 10 grams at the last count, having traded between Rs 59,484 and Rs 59,562 earlier in the day. Silver futures (July 5) were up 0.44 per cent or Rs 306 at Rs 70,548 per kg. 

"Gold having tested a low of around $ 1935 per ounce on COMEX yesterday had weakened considerably this week amid concerns of dollar strength weighing on the sentiment. Also, news of White House and Republican negotiators making some progress in late-night talks about raising the government's $31.4 trillion debt ceiling, according to Republican Kevin McCarthy weighed on sentiments for gold. However, prices could look ahead for US personal spending and PCE price index numbers which could provide further cues while expectations of sticky inflation to persist in the short run could keep upside limited for the day," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends selling gold June futures on rise at Rs 59,600 with a stop loss of Rs 59,800 and a target of Rs 59,200. For silver July futures she recommends selling on rise for Rs 70,700, with a stop loss of Rs 71,700 and a target of Rs 69,000.

In the international market, COMEX gold traded at $1,949 per ounce.

"The COMEX gold prices are trading on a positive note in Asian hour as the dollar index retreat from the recent high of 102.22 help the yellow metal.  The dollar index is trading below the 104 level supporting upside for the yellow metal. The COMEX gold is having support near $1,939and resistance at $1,958," said NS Ramaswamy, Head of Commodities, Ventura Securities. 

Spot gold was up 0.40 per cent in the international market and stood at $1950.4 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 26, 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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