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Home Commodities Gold Price (per gram): Gold price today: Gold falls by Rs 3,500 from its all-time high, silver falls by Rs 3,300 in June

Gold Price (per gram): Gold price today: Gold falls by Rs 3,500 from its all-time high, silver falls by Rs 3,300 in June

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August gold futures on MCX fell by Rs 3,300 to Rs 71,258 per 10 gram from a high of Rs 74,777 per 10 gram on May 20, while the July silver contract has fallen by Rs 3,300 to Rs 88,271 per kg so far in June.

Gold and silver fell following a rebound in the dollar index and hawkish Fed comments on interest rate cuts. The overall trend remained volatile. Gold and silver ended weakly in the domestic market on Thursday.

Gold has fallen from last month’s highs but is still up about 12 percent this year, driven by safe-haven demand and purchases by central banks and Chinese consumers.

U.S. producer prices unexpectedly fell in May, suggesting inflation was easing, while jobless claims rose. Despite those signs, the Federal Reserve said it expects to cut interest rates just once this year, as it seeks more evidence that inflation is subsiding.

On Thursday, MCX August gold futures contract settled at Rs 71,138 per 10 grams, down 1.16%, while July silver futures contract settled at Rs 87,983 per kg, down 3.72%. Today, the US Dollar Index DXY was hovering around 105.23, up 0.03 or 0.02%. “US CPI inflation eased for May and US PPI data released on Thursday also suggests that US inflation is easing, but the US Federal Reserve has remained hawkish, surprising the markets. However, US jobless claims surged again last week at 242,000 against expectations of 225,000, which could support gold and silver prices at lower levels,” said Manoj Kumar Jain, Prithvi Finmart Commodity Research. Manoj Kumar Jain’s Gold and Silver Range:

  • On MCX, gold’s support is at 70,850-70,600 and resistance is at 71,330-71,550.
  • Silver’s support is at 87,200-86,300 and resistance is at 88,650-89,400.

We suggest buying on gold price dip near 70,850 with a stop loss of 70,600 against a target price of 71,300.

(Disclaimer: Expert opinions are their own and do not necessarily reflect those of The Economic Times)

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