Gold price today (June 1, 2023): Precious metals trade under pressure, gold above Rs 60,000, silver near Rs 72,000

Gold price today (June 1, 2023): Precious metals traded under pressure in the domestic market on Thursday, June 1, 2023.

MCX gold futures (Aug 4) traded in red down 0.3 per cent or Rs 178 at  Rs 60,020 per 10 grams at the last count, having traded between Rs 60,000 and Rs 60,115 earlier in the day. Silver futures (July 5) were down 0.33 per cent or Rs 236 at Rs 71,866 per kg. 

"Gold and Silver futures posted a first monthly loss in 3 months amid Gold futures climbing on Wednesday as sinking Treasury yields helped lift prices for the yellow metal to their highest finish in a week. Gold still posted a loss for the month for the first time since February, with analysts having partly attributed that weakness to overall strength in the U.S. dollar, which puts pressure on dollar-denominated prices of the metal," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends selling gold Aug futures on rise at Rs 59,900, keeping a stop loss at 60,100 and the target of Rs 59,600. For silver July futures also, she recommends sell on rise at Rs 71,900 with a stop loss of Rs 72,900 and a target of Rs 70,000. 

In the international market, COMEX gold traded at $1,982.2 per ounce.

"The COMEX gold is steady in Asian trade ahead of a series of macroeconomic indicators from U.S later in the day. The market participant's focus also remained on an ongoing vote in Congress to raise the U.S. debt ceiling. The dollar index is trading neat 104.2 levels. The COMEX gold is having support near $1,971 and resistance at $1,992," said NS Ramaswamy, Head of Commodities, Ventura Securities. 

Spot gold was flat in the international market and stood at $1965.5 per ounce.

"Risk appetite is expected to improve on Fedspeak and China's data, which may support commodities in general. Today's US data include US ISM manufacturing, weekly jobless claims, and ADP— a precursor of Friday's NFP data. Gold is expected to trade between $1930 and $1990," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (June 1, 2023) 

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

Catch the latest stock market updates here. For more news on sports, politics follow Zee Business