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Gold prices rose on MCX on June 3, amid gains in global bullion prices driven by renewed expectations of a ceasefire in the Middle East. Gold’s June futures rose 0.26% to Rs. 1,58,930 per 10 grams. Silver July futures gained 0.07% to Rs. 2,63,150 per kg. Meanwhile, Brent crude futures fell 0.85% to $96.87 a barrel. US West Texas Intermediate (WTI) declined 0.95% to $95.11 a barrel.
24K gold fell Rs. 11 to Rs. 1,56,110 per 10 grams, while 22K gold declined Rs. 10 to Rs. 1,43,100. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,56,110, while Delhi was at Rs. 1,56,260, and Chennai at Rs. 1,57,970.
US gold prices gained on Thursday, supported by lower crude oil prices and a weaker dollar, as investors assessed renewed expectations for a resolution to the US-Israeli war on Iran.
Spot gold was up 0.4% at $4,450.16 per ounce. US gold futures for August delivery gained 0.2% to $4,477.
The dollar eased, making greenback-priced bullion more affordable for holders of other currencies.
Spot silver rose 0.8% to $73.26 per ounce, platinum gained 0.2% to $1,863.25, and palladium added 0.5% to $1,307.67.
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"Gold's gains are still very much at the mercy of oil and the dollar. It only moves higher when they pull back, making it highly dependent on positive US-Iran headlines for any sustained momentum," said Tim Waterer, chief market analyst at KCM Trade.
MCX gold may find support at Rs. 1,58,000 while resistance is seen at the Rs. 1,59,400 level. Support for MCX silver price today is placed at Rs. 2,60,000, while it may face resistance at Rs. 2,64,000.
