Gold and Silver Price Update for May 30: Trades in domestic precious metal futures were pressured on Thursday as traders awaited US inflation data that could influence the timing of the Federal Reserve’s pivot to monetary easing.
On Thursday, May 30, 2024, both gold and silver prices dropped on the Multi Commodity Exchange (MCX).
A marginal dip of Rs 164 or 0.23 per cent was recorded in gold futures, maturing on August 5, 2024 on the MCX. The previous close was Rs 72,271.
As for silver futures, maturing on July 5, 2024, they fell by Rs 1,239 or 1.29 percent, retailing at Rs 94,923 per kg on the MCX, down from Rs 96,162.
Gold and Silver Price Update for May 30:
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,685 | Rs 96,500 |
| MUMBAI | Rs 6,670 | Rs 96,500 |
| KOLKATA | Rs 6,670 | Rs 96,500 |
| CHENNAI | Rs 6,730 | Rs 1,01,000 |
In the international market, COMEX gold was down 0.35 percent at $2,332.9.
“Today’s major US data includes Q1 GDP (second estimate), weekly job data and pending home sales (April). Today and tomorrow are going to be data packed days,” said Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.
The Gold June futures were recommended to be sold on rise at Rs 72,100 with a stop loss at Rs 72,500 and a target price of Rs 71,500 by Neha Qureshi, Senior Technical & Derivative Research Analyst at Anand Rathi Commodities & Currencies.
She recommended selling silver July futures on the rise at Rs 94,800, with a stop loss of Rs 95,800 and a target of Rs 92,800.
Several factors influence gold and silver prices in India, including the rupee’s value against the dollar. Observed trends in precious metals rates are also influenced by global demand.
Also Read: Gold Price Today Rises in India: Check Gold Rates in Your City on May 29
