Gold And Silver Prices Today On June 7: The gold price today witnessed bulls’ support during early morning deals following disappointing US job data and buzz about the US Fed rate cut.
On the Multi Commodity Exchange (MCX), the gold futures contract for August 2024 expiry opened upside at 73,237 per 10 grams and reached an intraday high at 73,378.
The Comex gold price fluctuates around $2,400 per troy ounce on the international market, while the spot gold price hovers around $2,380.
The weak US job data released on Thursday has triggered the US Fed rate cut buzz ahead of the September 2024 meeting, according to commodity market experts.
Gold And Silver Prices Today On June 7
| CITY | 22 CARAT GOLD PRICE | 24-CARAT GOLD PRICE |
| Delhi | 67,460 | 73,580 |
| Mumbai | 67,310 | 73,430 |
| Ahmedabad | 67,360 | 73,480 |
| Chennai | 68,010 | 74,190 |
| Kolkata | 67,310 | 73,430 |
| Gurugram | 67,460 | 73,580 |
| Lucknow | 67,460 | 73,580 |
| Bengaluru | 67,310 | 73,430 |
| Jaipur | 67,460 | 73,580 |
| Patna | 67,360 | 73,480 |
| Bhubaneshwar | 67,310 | 73,430 |
| Hyderabad | 67,310 | 73,430 |
As well as the US dollar rate hitting a two-month low, the US Treasury yield is also under selling pressure.
In addition to helping the gold price rally, these developments are also presenting gold investors with a promising buying opportunity.
HDFC Securities’ Head of Commodity and Currency, Anuj Gupta, shared his insights. He said, “The US job data released on Thursday is disappointing for the market, which has led to a rise in gold prices around the world. As a result, the US dollar price and treasury yields have been pushed downward, fueling the interest in a US Fed rate cut.”
“After weak US jobs data, investors are expecting a rate cut from the Federal Reserve, which could lead to higher gold prices,” Angel One expert said.
Also Read: Gold And Silver Prices Today On June 5, 2024: Check Rates In Your City
