Gold and Silver rates today (May 27, 2024): MCX gold jumps after sharp losses last week, silver nears Rs 92,100/kg levels

Gold and Silver rate today (May 27, 2024): Tracking international rates, gold in the futures market in India edged higher even as investors pared expectations of an interest rate cut by the Federal Reserve. MCX gold futures (Jun 5) traded strong by 0.62 per cent or Rs 445 at Rs 71,701 per 10 gm after closing at Rs 71,256 during the previous trade. Meanwhile, MCX Silver futures (Jul 5) traded sharply higher by 1.64 per cent or Rs 1,48 at Rs 92,033. Earlier in the day, silver hit levels near Rs 92,100 per kg.

According to the Fed's meeting minutes, it is hinted that it would take longer than anticipated to gain greater confidence in inflation moving to 2 per cent.

Mr. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services held that moves in the commodity markets are expected to remain sideways for the day in the absence of major participants, as U.S. and U.K. markets are closed today. However, going ahead volatility is expected to remain high with some cautious trading ahead of the inflation numbers due to come in Germany, Euro zone, and the U.S., later in the week.

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"At the start of last week, gold and silver were on a roll, hitting all-time highs of $2,450 and $32.71, respectively. However, the celebration was short-lived. Concerns over a prolonged higher monetary policy have halted the upward rally of both metals. Gold prices experienced their largest weekly drop in eight months, with June gold futures falling nearly 5% from their peak, marking the worst selloff in this period. Similarly, silver prices decreased by nearly 3% from their peak. The dollar index and the U.S. 10-year bond yields recovered following adverse comments from Fed officials regarding interest rate cuts, which pushed gold and silver prices lower," noted Rahul Kalantri, VP Commodities, Mehta Equities.

Despite this, robust Chinese buying and geopolitical tensions continue to support gold and silver prices, he added. The gains in the previous yellow metal were partly aided by the fall in the US dollar index (DXY) which at the last count was down by 0.01 per cent at 104.72.

Meanwhile, COMEX gold in the international market was trading higher by 0.36 per cent at $2,342.8 per ounce.

Gold has support at $2,320-$2,298 and resistance at $2,360-$2,374. Silver has support at $30.24-$29.98 and resistance at $30.74-$30.90. In INR, gold has support at Rs 71,050-70,850 and resistance at Rs 71,840-72,050. Silver has support at Rs 89,850-89,450 and resistance at Rs 91,140-91,780, Kalantri added.'

Gold price outlook

Technically, Gold is still in the bullish zone till above key supports at 71200/ 70800, upside prices may again move higher towards target at 72850-73600, but we advise maintaining strict stop below 70800 (below which more correction is expected), added Mer.

Here's a list of indicative spot gold prices in some of the major cities in the country:

City-wise gold rate (24k) in India (May 27, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)