Gold Rate Today In India: On June 6, the price of 10 grams of gold in India increased on Wednesday following global cues as bond yields fell following weaker-than-expected US private payrolls data, bolstering expectations that the US Federal Reserve might cut interest rates later this year. Pure 24-carat gold in India was on Wednesday valued at Rs 73,420 per 10 grams in the spot market, while 22-carat gold was also up at about Rs 67,300 per 10 grams. However, the silver market experienced a downturn, with prices declining to Rs 91,600 per kilogram.
India’s reliance on imported gold largely influences domestic prices, which closely mirror global trends. Additionally, the cultural importance of gold in India, particularly during festivals and weddings, can impact demand levels.
Gold rate today in India: Retail gold price on June 6
Check gold rates today in different cities on June 6, 2024; (In Rs/10 grams)
On the Multi Commodity Exchange (MCX) on June 6, 2024, gold saw active trading in gold futures contracts expiring on August 05, 2024. These contracts were priced at Rs 72,960 per 10 grams. Silver futures contracts expiring on July 05, 2024, were quoted at Rs 91,795 on the MCX.
Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “Gold and silver prices gained almost 1 per cent on Wednesday as bond yields fell following weaker-than-expected US private payrolls data, bolstering expectations that the US Federal Reserve might cut interest rates later this year.”
US Treasury yields dropped to their lowest since April 5 after data revealed that US private payrolls increased less than anticipated in May.
Hiring by US private employers slid to a four-month low in May, adding to signs the job market is cooling. Markets now look forward to the NFP data on Friday for further clues.
Downbeat US ADP non-farm employment data heightened the possibility of U.S. rate cuts, supporting gold and silver prices. Additionally, the European PPI contracted by 1.0% compared to an expected decline of 0.6%, signalling potential rate cuts by the ECB in upcoming policy meetings, which could also support gold and silver prices, Kalantri said.
“Gold has support at $2,350-$2,330 and resistance at $2,384-$2,396. Silver has support at $29.82-$29.67 and resistance at $30.72-$30.90. In INR, gold has support at Rs 72,370-Rs 72,150, with resistance at Rs 72,870-Rs 73,250. Silver has support at Rs 90,050-Rs 89,480, with resistance at Rs 91,550-Rs 92,400,” he added.
Retail Cost of Gold
The retail price of gold in India, reflecting the final cost per unit weight for consumers, is affected by several factors beyond the metal’s intrinsic value.
Gold holds considerable cultural significance in India, serving as a key investment and playing an essential role in traditional weddings and festivals.
Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.
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