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Gold prices declined on MCX on June 5, amid weakness in global bullion prices and ahead of the Reserve Bank of India’s monetary policy announcement later today. Gold’s June futures fell 0.67% to Rs. 1,58,474 per 10 grams. Silver July futures declined 1.5% to Rs. 2,60,835 per kg. Meanwhile, Brent crude futures advanced 0.43% to $95.44 a barrel. US West Texas Intermediate (WTI) rose 0.15% to $93.18 a barrel.
24K gold fell Rs. 38 to Rs. 1,55,730 per 10 grams, while 22K gold declined Rs. 35 to Rs. 1,42,750. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,55,730, while Delhi was at Rs. 1,55,880, and Chennai at Rs. 1,57,960.
US gold prices edged lower on Friday and were set for a weekly loss, as tensions in West Asia dampened hopes for a US-Iran peace deal amid rising inflation and rate-hike fears.
Spot gold was down 0.3% to $4,462.22 per ounce. It has fallen about 1.6% for the week so far.
US gold futures for August delivery fell 0.4% to $4,489. Spot silver fell 0.6% to $73.45 per ounce, platinum dropped 1.3% to $1,876.58, and palladium slid 1.5% to $1,301.25. All metals were headed for weekly losses.
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"Some pessimism around the resolution of the Iran conflict has been negative for gold," said Nicholas Frappell, global head of institutional markets at ABC Refinery. "I think the trend is to expect tighter interest rate markets, which is also weighing on gold."
Gold remains range-bound between $4,450 and $4,600; the preferred strategy is to buy on dips and sell into rallies. Silver is similarly consolidating within the $72-$78.50 band, with an identical tactical approach recommended.
