Gold prices rose marginally on MCX on June 3, amid weak sentiment in the precious metals market and concerns over higher interest rates amid inflation risk from the US-Iran war. Gold’s June futures rose 0.06% to Rs. 1,59,447 per 10 grams. Silver July futures fell 0.24% to Rs. 2,66,063 per kg. Meanwhile, Brent crude futures advanced 1.03% to $96.99 a barrel. US West Texas Intermediate (WTI) rose 1.19% to $94.88 a barrel.
24K gold stands at Rs. 1,56,220 per 10 grams, while 22K gold is at Rs. 1,43,200. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,56,220, while Delhi was at Rs. 1,56,370, and Chennai at Rs. 1,58,180.
US gold prices slipped on Wednesday as renewed hostilities in West Asia pushed crude oil prices higher amid concerns that interest rates would stay higher for longer to curb inflation.
Spot gold fell 0.2% to $4,476.50 per ounce. US gold futures for August delivery fell 0.3% to $4,504.40.
Spot silver fell 0.5% to $74.73 per ounce, platinum lost 0.2% to $1,932.25, and palladium fell 0.3% to $1,365.25.
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"The market is now looking at the possibility that this ceasefire with Iran may not hold even though Trump is going to push for a peace deal resolution," said Kelvin Wong, a senior market analyst at OANDA.
"If we start to see further escalation, that could also dampen whatever recovery that gold might have had."
On MCX, gold has support at the Rs. 1,59,000 level, while it may face resistance at Rs. 1,60,000 level. On the other hand, silver price may find support at Rs. 2,64,000 level and resistance is seen at Rs. 2,68,000 level.