Gold price today (June 5, 2023): Precious metals trade under pressure, gold below Rs 60,000, silver near Rs 72,000

Gold price today (June 5, 2023): Precious metals traded under pressure in the domestic market on Monday, June 5, 2023.

MCX gold futures (Aug 4) traded in red down 0.19 per cent or Rs 115 at  Rs 59,493 per 10 grams at the last count, having traded between Rs 59,425 and Rs 59,555 earlier in the day. Silver futures (July 5) were down 0.23 per cent or Rs 165 at Rs 71,855 per kg. 

"For precious metals, the focus this week is to remain on more cues from the world’s largest economies, including trade data from China and U.S. service sector activity. The resilience of the economy and the labor market may slow the return of inflation to the 2 per cent target. Against this backdrop, policymakers even though may hit temporarily the pause button at their June meeting to assess the lagged effects of cumulative tightening may still remain open on their stance to increase their rates in the latter half of the year. This may weigh on sentiments for gold this week as the upside seems limited," 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 $1,961.6 per ounce.

"The COMEX gold prices are trading lower in Asian hour on uncertainty whether the Federal Reserve will hold interest rates steady later this month. The yellow metal fell on Friday after stronger-than-expected U.S. nonfarm payrolls data for May. The U.S. dollar index is trading above the 104 mark. The COMEX gold is having support near $1,954 and resistance at $1,970," said NS Ramaswamy, Head of Commodities, Ventura Securities. 

Spot gold was flat in the international market and stood at $1945.5 per ounce.

"Investors will focus on the US ISM non-manufacturing PMI data for May to be released today. The data is likely to show that the services sector expanded for the fifth straight month. The yellow metal is expected to test support at $1930 in case of decent ISM non-manufacturing data. Resistance is at $1965/$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 5, 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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