Gold Price Sees a Sharp Surge Amid Dollar Weakness
In a significant shift in the commodity market, Gold futures price (June 5 contract) on Monday jumped 2.23% to reach ₹94,708, rising from the previous close of ₹92,637. This marks a strong rebound for the yellow metal as investors shifted towards safe-haven assets due to global economic uncertainties and a weakening US dollar.
Gold traded between an intraday low of ₹92,925 and a high of ₹94,708, showcasing a volatile session on the MCX. This increase came after gold had previously seen one of its worst weekly declines since February.
🪙 Silver Also Gains Traction
Silver futures (July 5) followed gold’s lead, gaining 0.88% to close at ₹94,894, up from ₹94,064. Despite minor fluctuations, silver remains on the positive track due to similar market sentiments driven by global cues.
🌐 Global Market Cues Supporting Bullion
Internationally, spot gold prices were last seen trading 2.46% higher at $3,323.20 per ounce as of 5 PM IST. The surge comes amid heightened concerns over global trade tensions and anticipation of the US Federal Reserve’s monetary policy announcement later this week.
The US Dollar Index was seen at 99.64, reflecting slight weakness, which typically supports gold prices globally.
🧾 Analyst View: What Should Traders Do?
According to Manoj Kumar Jain of Prithvi Finmart:
- Gold (International):
- Support: $3,233 – $3,210
- Resistance: $3,280 – $3,300
- Silver (International):
- Support: $31.84 – $31.40
- Resistance: $32.50 – $32.88
On MCX (India Market):
- Gold (MCX):
- Support: ₹92,150 – ₹91,600
- Resistance: ₹93,040 – ₹93,550
- Silver (MCX):
- Support: ₹93,350 – ₹92,500
- Resistance: ₹94,800 – ₹95,500
Jain has advised selling gold futures near ₹93,000 – ₹93,300 with a stop loss of ₹93,720, aiming for targets around ₹92,200 – ₹91,850.
Meanwhile, Jateen Trivedi of LKP Securities added that any dovish tone or a rate cut by the US Fed could send gold even higher, while hawkish remarks might introduce further volatility. He expects gold to remain within the range of ₹93,000 to ₹96,000 in the near term.
🏙️ Today’s City-Wise Gold Prices (1 Gram)
| City | 22K (₹) | 24K (₹) | 18K (₹) |
|---|---|---|---|
| Chennai | 8,775 | 9,573 | 7,250 |
| Mumbai | 8,775 | 9,573 | 7,180 |
| Delhi | 8,790 | 9,588 | 7,192 |
| Kolkata | 8,775 | 9,573 | 7,180 |
| Bangalore | 8,775 | 9,573 | 7,180 |
🧠 Additional Insight
Global political tensions, central bank decisions, and inflation concerns will continue to be key drivers of bullion prices. Traders should stay updated with US Fed policies, dollar index trends, and inflation data for making informed trading decisions in the coming weeks.
📢 For more such accurate and real-time commodity market news, visit ApxNews.in — your trusted source of financial updates.
Also follow OxBig News Network for wide-ranging coverage of economic, political, and global events.
