Gold and Silver rate today (June 6, 2024): Yellow metal gains ahead of US non-farm payroll, white metal zooms to Rs 91,750 per kg

Gold and Silver rate today (June 6, 2024): Domestic yellow metal futures traded on a positive note in Thursday's session tracking international rates as investors eyed U.S non-farm payrolls which can likely provide cues on interest rate path taken by the US Federal Reserve.

MCX gold futures (Aug 5) at around 10:22 am traded with gains of  0.6 per cent or Rs 437 at Rs 72,955 per 10 gm. Meanwhile, MCX Silver futures (Jul 5) traded sharply higher by 1.44 per cent or Rs 1,306 at Rs 91,750 per kg.

In the previous session, both gold and silver gained almost 1 per cent as bond yields fell following weaker-than-expected U.S. private payrolls data, bolstering expectations that the Federal Reserve might cut interest rates later this year. U.S. Treasury yields dropped to their lowest since April 5 after data revealed that U.S. private payrolls increased less than anticipated in May. 

Downbeat U.S. ADP non-farm employment data heightened the possibility of U.S. rate cuts, supporting gold and silver prices, said  Rahul Kalantri, VP Commodities, Mehta Equities. Additionally, the European PPI contracted by 1.0% compared to an expected decline of 0.6 per cent, signalling potential rate cuts by the ECB in upcoming policy meetings, which could also support gold and silver prices,he added.

Meanwhile, gold prices on the COMEX in the international market was up by 

Meanwhile, COMEX gold in the international market was up 0.54 per cent at $2,388.4 per ounce.

"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. 

Gold has support at $2,350-$2,330 and resistance at $2,384-$2,396. Silver has support at $29.82-$29.67 and resistance at $30.72-$30.90. In INR, gold has support at Rs 72,370-Rs 72,150, with resistance at Rs 72,870-Rs 73,250. Silver has support at Rs 90,050-Rs 89,480, with resistance at Rs 91,550-Rs 92,400, added Kalantri.

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 6, 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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