Gold, silver price on 21 May 2024: Yellow metal prices are on a roll this month, silver hovering above Rs 93000

Gold prices on the MCX hovered at Rs 73,790 per 10 grams on Tuesday, hitting an intraday low of Rs 73,701. In the international market, prices maintained a similar trend, hovering around $2,414.09 per ounce. This indicates a certain level of stability in the gold market.

Meanwhile, silver hovered at Rs 93,761 per kg and hit an intraday low of Rs 92,798 on the MCX. In the international market, the price hovered around $31.38 per ounce.

MTD: 5.61%, 3952
YTD: 17.66%, 11164

MTD: 17.83%,14416
YTD: 28.00%, 20837

Kaynat Chainwala – Senior Manager, Commodities Research – Kotak Securities, said, “COMEX Gold prices pared gains after touching a fresh all-time of $2454.2 per troy ounce on Monday after a slew of hawkish comments from Fed officials prompted markets to rethink about the rate cut trajectory. Fed Vice Chair Philip Jefferson said on Monday it was too early to tell if the inflation slowdown is “long-lasting,” while Vice Chair Michael Barr said the restrictive policy needs more time. A soft US inflation print last week saw traders piling into bets on a potential September rate cut. Today, investors might pay attention to Fed officials’ speeches for more cues on policy paths amid the lack of economic data.”

Additionally, Deveya Gaglani, Senior Research Analyst – Commodities, Axis Securities, said, “MCX Gold prices are on a roll this month. They gained almost 4 per cent and reached a record high of Rs 74400 level due to increased expectations of a rate cut later this year and uncertainty in the Middle East following the death of the Iranian President in a helicopter crash. The immediate resistance in the Comex spot is around the $2450 level, and support is around the $2350 level. Traders will be closely watching the FOMC meeting minutes this week for clues about a potential interest rate cut later this year.”

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