Gold price today (May 30, 2023) Yellow metal trades flat below Rs 60,000 - check out city wise prices in Mumbai, Delhi and other cities

Gold price today (May 30, 2023): Yellow metal futures traded in flat in the domestic market on Tuesday, May 30.

MCX gold futures (June 5) were flat at  Rs 59,460 per 10 grams at the last count, having traded between Rs 59,460 and Rs 59,514 earlier in the day. Silver futures (July 5) were up 0.41 per cent or Rs 294 at Rs 70,831 per kg. 

"Gold prices fell slightly on Tuesday, sticking to more than two-month lows amid optimism over a debt ceiling deal and as expectations of more interest rate hikes by the Federal Reserve spurred flows into the dollar. Focus this week is now on more U.S. economic cues, particularly nonfarm payrolls data for May, to gauge just how much more the Fed could potentially hike rates. Data last week showed that the Personal Consumption Expenditures price index- the Fed’s preferred inflation gauge unexpectedly rose in April, indicating that inflation remained sticky," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends selling gold June futures on rise at Rs 59,500 with a stop loss of Rs 59,700 and a target of Rs 59,100. For silver July futures she recommends selling on rise for Rs 71,000, with a stop loss of Rs 72,000 and a target of Rs 69,000.

In the international market, COMEX gold traded at $1,959.3 per ounce.

"The COMEX gold is trading in a narrow range in Asian hour on optimism over a debt ceiling deal and expectations of more interest rate hikes by the Federal Reserve spurred flows into the dollar. the Dollar Index is trading near the 104 level. The COMEX gold is having support near $1,958 and resistance at $1,970," said  NS Ramaswamy, Head of Commodities, Ventura Securities. 

Spot gold was down 0.11 per cent in the international market and stood at $1940.8 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 30, 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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