Gold and Silver rate today (June 3, 2024): Domestic yellow metal futures gave up gains of last week erasing its weekly advance, while, white metal were subdued with a poitive bias ahead of Lok Sabha election results due Tuesday, June 4.
MCX gold futures (Aug 5) were down by 0.47 per cent or Rs 336 at Rs 71,550 per 10 gm.
Meanwhile, MCX Silver futures (Jul 5) were flat with positive bias at Rs 91,609 per kg.
"Gold traded weak below Rs 71,700, touching a low of Rs 71,300 in the morning session as COMEX Gold saw selling pressure below $2,340.
Once the certainty of a September rate cut emerges, Gold prices are expected to react positively.
Gold and Silver rate today (June 3, 2024): Domestic yellow metal futures gave up gains of last week erasing its weekly advance, while, white metal were subdued with a poitive bias ahead of Lok Sabha election results due Tuesday, June 4. Globally, traders cashed in the price increase driven by a key US inflation gauge that provided some relief for policymakers looking for reassurance they can start lowering borrowing costs.
MCX gold futures (Aug 5) were down by 0.47 per cent or Rs 336 at Rs 71,550 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were flat with positive bias at Rs 91,609 per kg.
"Gold traded weak below Rs 71,700, touching a low of Rs 71,300 in the morning session as COMEX Gold saw selling pressure below $2,340. Late Friday's session saw profit booking in Gold, as interest rate cuts seem distant for now. Once the certainty of a September rate cut emerges, Gold prices are expected to react positively. This week holds crucial data, particularly on Wednesday and Friday. The ADP Nonfarm Employment data on Wednesday and the Nonfarm Payroll along with Unemployment data on Friday will be the focus for market participants," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August futures on the rise at 71,500, keeping the stop loss at Rs 72,000 and a target price of Rs 71,000. For Silver July futures, she recommended selling on the rise at Rs 91,000, with a stop loss of Rs 92,000 and a target of Rs 89,000.
Meanwhile, COMEX gold in the international market was up 0.24 per cent at $2,351.4 per ounce.
Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas sees support at $2320/$2295-$2300 zone/$2277 and resistance at $2350/$2365/$2380/$2400.
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 (June 3, 2024)
Cities Gold prices for 24k (10 grams) Mumbai Rs 74,350 Delhi Rs 74,490 Chennai Rs 74,550 Kolkata Rs 74,560 Bengaluru Rs 74,615 Hyderabad Rs 74,545 Ahmedabad Rs 74,615 Bhopal Rs 74,730 Visakhapatnam Rs 74,650 Jaipur Rs 74,710 Lucknow Rs 74,755 Coimbatore Rs 74,760 Madurai Rs 74,665
(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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