Gold price today (June 7, 2023): Yellow metal trades flat near Rs 60,000 — check out prices in Mumbai, Delhi and other cities

Gold price today (June 7, 2023): Yellow metal on Wednesday traded flat in the domestic market ahead of the US Fed meeting which is scheduled on June 14 to June 15 and US Consumer Price Index (CPI) data release scheduled on June 13.

MCX gold futures (Aug 4) traded flat at Rs 59,935 per 10 grams at the last count, having traded between Rs 59,906 and Rs 59,989 earlier in the day. Silver futures (July 5) were down 0.13 per cent or Rs 91 at Rs 71,865 per kg. 

"Gold could witness a sideways move amid the consolidation phase with traders now to focus on macro cues in terms of Consumer Price Index (CPI) numbers to be released on June 13 amid the next US Fed meeting scheduled on June 14 to June 15. Overall, with traders pricing in a higher possibility of a rate pause in June the yellow metal is likely to stay in a range unless Core CPI numbers surprise us on the upside. With Comex trading around $ 1979 in early trade, the overall trading range remained around $1972 – 1987 per ounce for the day on Comex," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

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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.

In the international market, COMEX gold traded at $1,979 per ounce.

Spot gold was flat in the international market and stood at $1962.7 per ounce.

"Gold is expected to range trade between $1930 and $1990 as market participants hope for a Fed's rate skip in June. This is the most crucial supportive factor for the metal. Interim support is at $1950," 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 7, 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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