Gold and Silver Price Today, June 2: Gold prices stayed under pressure on Tuesday, June 2, with weakness in international bullion markets and crude oil prices ticking higher. On the domestic side, gold futures on the Multi Commodity Exchange (MCX) moved below the ₹1.60 lakh level per 10 grams while silver also showed some wavering performance as global market cues kept shifting.
MCX Market
As per commodity market analysts, firm crude oil rates are stoking inflation worries and that in turn makes precious metals look less attractive, at least for the near term. MCX Gold was seen near ₹1,59,500 per 10 grams, whereas international COMEX gold hovered around the $4,500 per ounce mark.
“Gold prices traded weaker as a sharp 4% rise in crude oil prices increased inflation concerns and weighed on bullion sentiment. MCX Gold declined around 0.92% towards Rs 1,59,500, while COMEX gold slipped nearly 0.80% to the $4,500 zone,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said.
- MCX Gold (June 5 Contract): ₹1,55,838 per 10 grams, down 0.69% in early trade.
- MCX Silver (July Contract): ₹2,67,000 per kilogram.
International Spot Prices
- Spot Gold: $4,540–$4,765 per ounce.
- Spot Silver: $76 per ounce.
Gold and Silver Price Today, June 2
Should You Buy Gold Now?
Financial advisors often say that long term investors could keep adding gold slowly, basically via systematic purchases, instead of doing a huge one time buy. Even if short run ups and downs are still very possible, gold still works as a notable portfolio shield again inflation and overall economic uncertainty.
