Gold, silver rate today (May 23, 2023): Precious metals trade under pressure, gold hovers near Rs 60,000

Gold rate today (May 23, 2023): Precious metal futures traded under pressure in the domestic market on Tuesday, May 23.

MCX gold futures (June 5) were down 0.57 per cent or Rs 341 at  Rs 59,900 per 10 grams at the last count, having traded between Rs 59,851 and Rs 60,000 earlier in the day. Silver futures (July 5) were down by 0.49 per cent or Rs 354 at Rs 72,379 per kg. 

"Focus this week is now on more U.S. economic indicators and the minutes of the Fed’s May meeting, which are due on Wednesday. Markets will be watching for any more signs that the Fed plans to pause its rate hike cycle in June. Fed Fund futures show that while traders are positioning for a pause in the Federal Reserve’s rate hike cycle in June, they are also dialing back their expectations for any rate cuts this year. The Fed has largely downplayed any possibility of a rate cut this year which continues to weigh on Gold's sentiments in recent sessions. Moving ahead we expect gold to open on the downside on MCX as a negative bias to persist in day trade today," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends selling gold June futures on rise at Rs 60,000 with a stop loss of Rs 60,200 and a target of Rs 59,600. For silver July futures she recommends selling on rise for Rs 73,000, with a stop loss of Rs 74,000 and a target of Rs 71,000.

In the international market, COMEX gold traded at $1,963.5 per ounce.

"The COMEX gold prices are trading lower in Asian hours after U.S. President Joe Biden and the top congressional Republican struggled to make a deal on the long-drawn debt ceiling talks . Meanwhile, the dollar index is trading above the 103 mark putting pressure on the yellow metal. The COMEX gold is having support near $,1,958 and resistance at $ 1,978," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold was down 0.44 per cent in the international market and stood at $1962.9 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 23, 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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