Gold price today (June 8, 2023): Yellow metal trades flat below Rs 60,000, silver near 72,000; should you buy?

Gold price today (June 8, 2023): Yellow metal on Thursday traded flat in the domestic market after the Reserve Bank of India (RBI) announced the repo rate to remain unchanged at 6.5 per cent. 

MCX gold futures (Aug 4) traded flat at Rs 59,505 per 10 grams at the last count, having traded between Rs 59,467 and Rs 59,545 earlier in the day. Silver futures (July 5) were up 0.25 per cent or Rs 182 at Rs 71,907 per kg. 

"In terms of the broader macroeconomic environment, today's focus will be on key indicators such as jobless claims, which will be closely analyzed for additional insights into the state of the labor market. Given these factors, it is anticipated that gold prices will remain within a relatively narrow trading range in the near term," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends selling gold Aug futures on rise at 59,600 with a stop loss of Rs 59,800 and a target of Rs 59,200. For Silver July futures she recommends sell on rise at Rs 72,000 keeping a stop loss at Rs 73,000 and a target of Rs 70,000.

In the international market, COMEX gold traded at $1,960.7 per ounce.

Spot gold was up 0.36 per cent in the international market and stood at $1946.7 per ounce.

"Rate hike fears may keep gold under pressure as the upcoming FOMC meeting on June 13-14 is the first such meeting in a long time which carries so much uncertainty about the Federal Reserve's monetary policy decision," 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 8, 2023) 

(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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