Gold, silver price today (May 29, 2023): Precious metals trades in green, gold hovers near Rs 60,000; should you buy or sell?

Gold, silver price today (May 29, 2023): Precious metal futures traded in green in the domestic market on Monday, May 29.

MCX gold futures (June 5) were down 0.3 per cent or Rs 177 at  Rs 59,30 per 10 grams at the last count, having traded between Rs 59,271 and Rs 59,533 earlier in the day. Silver futures (July 5) were up 0.37 per cent or Rs 363 at Rs 71,492 per kg. 

"Gold having declined more than 1 per cent last week could find support in the range of $1935 – $1940 in spot markets while looking ahead for payrolls numbers due towards the end of the week for further cues on the direction. Overall, US & UK markets being closed today could keep movements erratic amid liquidity remaining thin in global markets. However, a close below $1935 on a weekly basis could indicate further downside in the coming weeks," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

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She recommends selling gold June futures on rise at Rs 59,600 with a stop loss of Rs 59,800 and a target of Rs 59,200. For silver July futures she recommends selling on rise for Rs 71,500, with a stop loss of Rs 72,500 and a target of Rs 69,500.

In the international market, COMEX gold traded at $1,944.4 per ounce.

Spot gold traded flat in the international market and stood at $1947.2 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 29, 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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