Gold prices are steady on Wednesday (June 5). On the Multi Commodity Exchange (MCX), gold futures contracts expiring on August 5, 2024, are priced at ₹72,339 per 10 grams.
Here are the gold prices for 10 grams of 24-carat gold in various cities as of today:
(Source: News18)
Global market insights
Globally, gold prices have experienced a decline of more than 1% as the dollar steadied ahead of the US jobs data release later this week, which is anticipated to influence the Federal Reserve's interest rate strategy.
Spot gold decreased by 0.9% to $2,329.10 per ounce by 1818 GMT, and US gold futures settled 0.9% lower at $2,347.4 per ounce.
The recent drop in gold prices follows a bounce-back in the previous session due to weaker US manufacturing data.
The outlook
Market analysts are awaiting Friday's US non-farm payrolls data, which will provide clarity on potential rate cuts.
A weaker jobs report might prompt a short-term rally in gold, while stronger data could exert pressure on gold prices by suggesting difficulties for the Federal Reserve in cutting rates.
According to Rahul Kalantri, VP Commodities, Mehta Equities, gold has support at $2310-2290 per ounce and resistance at $2347-2360 per ounce.
In rupee terms, gold has support at ₹71,550-₹71,320 per 10 grams and resistance at ₹71,989-₹72,240 per 10 grams.
Click here to register for CNBC Awaaz's webinar, Commodity Gurukul
Here are the gold prices for 10 grams of 24-carat gold in various cities as of today:
| City | 24-Carat Gold Price (₹/10 grams) |
| Delhi | ₹73,020 |
| Mumbai | ₹72,870 |
| Ahmedabad | ₹72,920 |
| Chennai | ₹73,580 |
| Kolkata | ₹72,870 |
| Gurugram | ₹73,020 |
| Lucknow | ₹73,020 |
| Bengaluru | ₹72,870 |
| Jaipur | ₹73,020 |
| Patna | ₹72,920 |
| Bhubaneshwar | ₹72,870 |
| Hyderabad | ₹72,870 |
(Source: News18)
Global market insights
Globally, gold prices have experienced a decline of more than 1% as the dollar steadied ahead of the US jobs data release later this week, which is anticipated to influence the Federal Reserve's interest rate strategy.
Spot gold decreased by 0.9% to $2,329.10 per ounce by 1818 GMT, and US gold futures settled 0.9% lower at $2,347.4 per ounce.
The recent drop in gold prices follows a bounce-back in the previous session due to weaker US manufacturing data.
The outlook
Market analysts are awaiting Friday's US non-farm payrolls data, which will provide clarity on potential rate cuts.
A weaker jobs report might prompt a short-term rally in gold, while stronger data could exert pressure on gold prices by suggesting difficulties for the Federal Reserve in cutting rates.
According to Rahul Kalantri, VP Commodities, Mehta Equities, gold has support at $2310-2290 per ounce and resistance at $2347-2360 per ounce.
In rupee terms, gold has support at ₹71,550-₹71,320 per 10 grams and resistance at ₹71,989-₹72,240 per 10 grams.
Click here to register for CNBC Awaaz's webinar, Commodity Gurukul
First Published: Jun 5, 2024 10:04 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
