Gold and Silver rate today (June 5, 2024): Yellow metal above 71,800, white metal was above 89,400

Gold and Silver rate today (June 5, 2024): Domestic yellow metal futures was flat with a positive bias a day after Lok Sabha erlection results annoucement. Investors are now focused on Friday's U.S. non-farm payrolls data for insights on potential rate cuts, which would reduce the opportunity cost of holding non-yielding bullion.

MCX gold futures (Aug 5) were flat with positive bias at Rs 71,819 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) were down 0.29 per cent or Rs 258 at Rs 89,401 per kg.

"The price of gold is expected to be volatile this week with major data releases lined up, including nonfarm employment data today. Additionally, Nonfarm Payroll and Unemployment data are due later this week. The primary focus remains on the Fed's policy decision on June 12, but this week's data will collectively inform the Fed's decisions. In the near term, Gold prices are likely to range between Rs 71,000 and Rs 72,500, with profit booking expected on rises," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. 

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold August futures on dips at 72,000, keeping the stop loss at Rs 71,600 and a target price of Rs 72,500. For silver July futures, she recommended buying on the dips at Rs 89,700, with a stop loss of Rs 88,700 and a target of Rs 91,700.

Meanwhile, COMEX gold in the international market was up 0.16 per cent at $2,351.2 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. 

"Spot gold is looking somewhat oversold at current levels as the US recession probability is rising and yields are falling. Thus, traders are expected to buy the dips for medium to long periods," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support at $2315/$2277 and resistance at $2334 /$2350/$2365.

(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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