Gold rate today (May 22, 2023): Yellow metal trades lower above Rs 60,000, silver hovers near Rs 73,000– Check out prices in Mumbai, Delhi and other cities

Gold rate today (May 22, 2023):​ Yellow metal futures traded above Rs 60,000 per 10 grams mark in the domestic market on Monday, May 22.

MCX gold futures (June 5) were down 0.19 per cent or Rs 117 at  Rs 60,262 per 10 grams at the last count, having traded between Rs 60,215 and Rs 60,320 earlier in the day. Silver futures (July 5) were down by 0.5 per cent or Rs 366 at Rs 72,955 per kg. 

In the international market, COMEX gold traded at $1,979.8 per ounce.

"The COMEX gold prices are steady near $1,980 in early trade as market participants await the outcome of more talks between U.S. lawmakers over raising the debt ceiling, with focus also remaining on monetary policy following mixed cues from the Federal Reserve.  The dollar index is trading below the 103 level. The COMEX gold is having support near $1,970 and resistance at $1,990," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $1977.7 per ounce.

"US debt ceiling negotiations have resumed, though Ms Yellen is now citing June 15 as the new date from which the US Treasury will effectively be out of money. The previous date of June 1 may have been used as a pressure tactic to get the deal done well in time. Shifting the X date may soothe the market nerves to some extent; however, possibility of debt ceiling negotiations going to wire has increased, which is negative for risk appetite," said Praveen Singh – Associate VP, Fundamental currencies and Commodities, Sharekhan by BNP Paribas

He added China's Central Bank is unlikely to change Loan prime rate today. Gold is expected to trade between $1950 and $2000 in the near term. High volatility is possible on the ebb and flow of risk sentiments. 

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

City-wise gold price (24k) in India (May 22, 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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