Gold and Silver rate today (June 3, 2024): Yellow metal futures trade under pressure, white metal flat ahead of Lok Sabha election results

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)

(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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