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Gold and Silver rate today (May 29, 2024): Domestic yellow metal futures slip after edging higher earlier in the day on Wednesday. Meanwhile, white metal traded in positive territory ahead of US data due this week that may influence the timing of the Federal Reserve’s much-anticipated pivot to monetary easing.
MCX gold futures (Jun 5) were down 0.12 per cent or Rs 87 at Rs 72,093 per 10 grams at the last count. Meanwhile, MCX Silver futures (Jul 5) were up Rs 177 or 0.19 per cent at Rs 95,625 per kg. Silver hit a record high at Rs 96,493 on MCX during the day.
“Gold price faced resistance at 2355-2360$ in COMEX, and MCX Gold faced selling around Rs 72,450. Amid the minor dollar rise, and upcoming PCE price index data on Friday which will hint towards inflation projections thus profit booking was seen in Gold after a positive rally from 71250 to 72450 in the last three trading sessions. Going ahead gold will take support near 71000 & resistance near 72600 till PCE price index data flashes out,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Meanwhile, COMEX gold in the international market was down 0.49 per cent at $2,367.7.
Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold June futures on dips at Rs 72,200, keeping the stop loss at Rs 71,750 and a target price of Rs 72,900. For silver July futures, she recommended buying on the dips at Rs 95,500, with a stop loss of Rs 94,500 and a target of Rs 97,500.
In the midst of global economic uncertainty, gold and silver futures are seeing fluctuations based on market sentiments and upcoming US economic data. Traders and investors are closely monitoring the trends and expert recommendations to make informed decisions amidst the volatile market conditions. It remains to be seen how the upcoming US data will impact the future trajectory of gold and silver prices.
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