Gold Price Today: Domestic spot gold closed at Rs 48,578 per 10 grams on Friday
Gold Price In India: Gold futures have been traded decrease on Friday, June 4, because the yellow metallic traded in unfavourable territory amid weaker world markets. Gold costs in worldwide markets traded sideways to a reasonably bullish development and are set to document their worst week in three months. On Multi Commodity Exchange (MCX), gold futures due for a June 4 supply, have been final seen buying and selling decrease by Rs 390 – or 0.8 per cent – at Rs 48,600, in comparison with their earlier shut of Rs 48,990. Silver futures for a July 5 supply have been final up 0.9 per cent at Rs 71,450 in opposition to a earlier shut of Rs 70,810.
#Gold and #Silver Closing #Rates for 04/06/2021#IBJApic.twitter.com/ITZB0kcSa3
— IBJA (@IBJA1919) June 4, 2021
Domestic spot gold closed at Rs 48,578 per 10 grams on Friday, and silver at Rs 70,167 per kilogram – each charges excluding GST, in line with Mumbai-based business physique India Bullion and Jewellers Association (IBJA).
What analysts say:
Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited:
”Technically, International Gold is buying and selling in a sideways vary throughout the Asian European session after preliminary loss, between $1867 – $1871, more likely to proceed in marginally upside momentum in direction of the resistance of $1876. MCX Gold future has sustained within the vary of 48600 – 48680 as we speak and if it breaks above the resistance of 48715, we could count on a transfer in direction of 48840 – 49040.
Like Gold, International Silver can also be buying and selling in slender sideways vary of $27.25 – $27.40 since morning. The resistance holds close to $27.47 and if the value breaks above this resistance, we could anticipate a transfer in direction of $27.75. MCX Silver future has sustained across the stage of 70700 and buying and selling again & forth, examined the resistance of 70850. The value is more likely to be marginally constructive and should transfer in direction of the psychological stage of 71000 – 71250.”
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
“COMEX gold trades modestly lower near $1869/oz. Gold has fallen sharply as upbeat US economic data has pushed US dollar index and bond yields higher while adding to debate that Fed may tighten monetary policy. US equity markets have also stabilized on President Biden’s tax proposal. Gold’s sharp up move in last few weeks has made it vulnerable to profit taking which may extend further if US dollar strengthens further.”
