Gold rate today (May 19, 2023): Yellow metal trades flat below Rs 60,000, silver below Rs 73,000. Should you buy or sell?

Gold rate today (May 19, 2023): MCX gold futures (June 5) were flat at Rs 59,765 per 10 grams at the last count. Here's what analysts suggest.

Gold rate today (May 19, 2023): In the international market, COMEX gold traded at $1,964.4 per ounce, image- PTI

Gold rate today (May 19, 2023): Yellow metal futures traded flat below Rs 60,000 per 10 grams mark in the domestic market on Wednesday, May 19.

MCX gold futures (June 5) were flat at Rs 59,765 per 10 grams at the last count, having traded between Rs 59,721 and Rs 59,863 earlier in the day. Silver futures (July 5) were up by 0.47 per cent at Rs 72,479 per kg.

In the international market, COMEX gold traded at $1,964.4 per ounce.

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"The COMEX gold is trading almost flat in Asian hours after the Biden administration expressed optimism that a deal to lift the U.S. debt ceiling could be reached this week. The market participants now focus on Fed Chair Jerome Powell at a conference in Washington, D.C., for any more cues on monetary policy. The dollar index is trading near the 103.4 level putting pressure on the yellow metal. The COMEX gold is having support near $1,952 and resistance at $1,968," said NS Ramaswamy, Head of Commodities, Ventura Securities.

Spot gold traded flat in the international market and stood at $21,961.6 per ounce.

"The US Federal Reserve's Logan doesn't see a convincing reason for a pause in rate hike in the upcoming June meeting. Fed's Bullard said he is leaning towards a hike in June, too. Odds of a hike in June have reached 40 per cent, which makes the next monetary policy decision a close call," said Praveen Singh – Associate VP, Fundamental currencies and Commodities, Sharekhan by BNP Paribas.

He added that the US equities were upbeat on debt ceiling stand-off resolution possibility and data also weighed on the safe haven instruments. Gold is currently trading with a gain of around 0.20 per cent at $1962.

"Looking forward, Federal Reserve (Fed) Chairman Jerome Powell’s speech and US debt ceiling negotiations will be the key for further direction to prices. In case Fed Chair Powell manages to remain hawkish about the US central bank interest rates trajectory, the Gold price may have a further downside to track. On the other hand, US President Joe Biden’s inability to seal the deal could provide a floor to prices on the downside. Overall prices are likely to trade with a downside ahead of the weekend," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies

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

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

City-wise gold price (24k) in India (May 19, 2023)

City	Gold prices for 24k (10 gram)
Mumbai	Rs 62,135
Delhi	Rs 62,200
Chennai	Rs 62,220
Kolkata	Rs 62,200
Bangalore	Rs 62,290
Hyderabad	Rs 62,260
Ahmedabad	Rs 62,205

(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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Gold rate today (May 19, 2023): Yellow metal trades flat below Rs 60,000, silver below Rs 73,000. Should you buy or sell?

Gold rate today (May 19, 2023):​ MCX gold futures (June 5) were flat at Rs 59,765 per 10 grams at the last count. Here's what analysts suggest.

TRENDING NOW

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

City-wise gold price (24k) in India (May 19, 2023)

Gold rate today (May 19, 2023): MCX gold futures (June 5) were flat at Rs 59,765 per 10 grams at the last count. Here's what analysts suggest.