Gold price today (June 2, 2023): Yellow metal trades flat above Rs 60,000 -check out prices in Mumbai Delhi and other cities

Gold price today (June 2, 2023): Precious metals traded in the green in the domestic market on Friday, June 2, 2023.

MCX gold futures (Aug 4) traded flat at Rs 60,268 per 10 grams at the last count, having traded between Rs 60,230 and Rs 60,355 earlier in the day. Silver futures (July 5) were up 0.27 per cent or Rs 195 at Rs 72,789 per kg. 

"Looking ahead, gold prices may continue to witness consolidation and potentially move higher during the day, supported by a weaker dollar. Market focus is expected to shift to the upcoming release of non-farm payrolls data, as any signs of a slowdown in job growth could maintain positive sentiment in day trading," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends buying gold Aug futures on dips at Rs 60,200, keeping a stop loss at 60,000 and the target of Rs 60,500. For silver July futures also, she recommends buy on dips at Rs 72,500 with a stop loss of Rs 71,500 and a target of Rs 74,000. 

In the international market, COMEX gold traded at $1,997.3 per ounce.

"The COMEX gold prices are trading higher in Asian hour ahead of U.S Non-farm payroll data later in the day. The U.S dollar  index mark its steepest drop  from  104.25 in nearly three months on Thursday, as some Fed officials called for the central bank to consider holding rates steady in June.  .The COMEX gold is having support near $1,993 and resistance at $2,007," said NS Ramaswamy, Head of Commodities, Ventura Securities. 

Spot gold was flat in the international market and stood at $1980.8 per ounce.

"Investors will closely watch today's US nonfarm payroll report for the month of May. A subdued report may help gold to extend its gains further. Support is at $1950. Resistance is in the $1990-$2000 zone," 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 2, 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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