Gold prices hold steady: Know the rates for buying the yellow metal in your city today

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:

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.

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