Gold price today (June 6, 2023): Precious metals trade in green, gold hovers near Rs 60,000; should you buy or sell?

Gold price today (June 6, 2023): Precious metals traded in the green in the domestic market on Tuesday, June 6, 2023.

MCX gold futures (Aug 4) traded in green flat at  Rs 58,880 per 10 grams at the last count, having traded between Rs 59,813 and Rs 59,889 earlier in the day. Silver futures (July 5) were up 0.3 per cent or Rs 216 at Rs 72,088 per kg. 

"Gold's stability in day trade may persist as treasury yields faced downward pressure overnight due to expectations of a pause in the June Federal Reserve meeting being factored in. In the short term, prices are anticipated to trade within a range, with potential triggers that could push them down to around $1940 - $1935 levels in the Spot market," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She recommends buying gold Aug futures on dips at 59,800 with a stop loss of Rs 59,600 and a target of Rs 60,100. For Silver July futures she recommends buy on dips at Rs 71,800 keeping a stop loss at Rs 70,800 and a target of Rs 73,500.

"At MCX, gold is having support at 59600-59330 and resistance at 60060-60280 while silver is having support at 71350-70800 and resistance at 72250-72800. We suggest buying gold on dips around 59600 with a stop loss of 59330 for the target of 60060 and also suggest buying silver around 71400 with a stop loss of 70,850 for the target of 72,500," said Manoj Jain, Prithvi Finmart.

In the international market, COMEX gold traded at $1,975.6 per ounce.

"Gold prices hold $1950 per troy ounce in the international markets. The U.S. ISM services PMI fell to 50.3 in May month down from the April month reading of 51.9 and markets expectations of a reading of 52.6. After downbeat US ISM services PMI data the dollar index also showed profit-taking from their highs and supported gold and silver prices. Gold prices also recovered after an uptick in crude oil prices. We expect gold and silver prices to remain volatile in today’s session and could hold its support level of $1950 and $23.20 per troy ounce levels respectively. Gold has support at $1964-1950, while resistance at $1984-2000 per troy ounce. Silver has support at $23.40-23.00, while resistance is at $23.92-24.20 per troy ounce," said Jain.

Spot gold was down 0.14 per cent in the international market and stood at $1959 per ounce.

"Investors will focus on the US ISM non-manufacturing PMI data for May to be released today. The data is likely to show that the services sector expanded for the fifth straight month. The yellow metal is expected to test support at $1930 in case of decent ISM non-manufacturing data. Resistance is at $1965/$1990," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (June 6, 2023) 

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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