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Home›Silver News›gold price today: gold price today: the yellow metal drops slightly, silver below Rs 71,000

gold price today: gold price today: the yellow metal drops slightly, silver below Rs 71,000

By Mary Jenkins
June 4, 2021
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NEW DELHI: Gold prices weakened to near their two-week lows on Friday and looked set for their worst week in three months. Robust economic data in the United States boosted dollar and bond yields. The yellow metal edged down in domestic markets, falling from five-month highs.

All attention is on the highly anticipated May non-farm payroll figures. The number of Americans filing new jobless claims fell to new lows during the pandemic, as U.S. private employers stepped up hiring in May.

The rally in the dollar index pushed it to a three-week high against its rivals, making gold more expensive for holders of other currencies. The rise in the benchmark 10-year yield put gold even more to the test.

Physical demand for gold in India has languished as stores in the majority of states are closed due to virus restrictions. ETF inflows have become subdued recently as investors consider riskier bets like stocks. However, a rise in the rupee can help the yellow metal.

MCX gold futures fell 0.04% or Rs 18 to Rs 48,659 per 10 grams. Silver futures fell 0.08% or Rs 57 to Rs 70,753 per kg.

“COMEX gold is trading slightly lower at near $ 1,869 / oz. Gold fell sharply as bullish US economic data pushed the US dollar index and bond yields higher while adding to the debate that the Fed may tighten monetary policy, “Ravindra Rao, CMT, EPAT, VP- Head of Commodities Research, Kotak Securities.

On the spot market, the highest purity gold was sold at Rs 49,002 while silver was priced at Rs 71,240 on Thursday, according to the Indian Bullion and Jewelers Association.


“The US stock markets have also stabilized thanks to President Biden’s tax proposal. Gold’s sharp rise in recent weeks has made it vulnerable to profit taking which could spread further if the US dollar strengthens.

Commercial strategy

“We expect gold prices to trade sideways lower for the day with COMEX spot gold support at $ 1850 and resistance at $ 1890 per ounce. MCX Gold August term stands at Rs 48,200 and resistance at Rs 49,000 per 10 grams, “said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets

Spot gold was down 0.1% at $ 1,869.56 an ounce at 12:38 a.m. GMT after hitting its lowest level since May 20 in the previous session. Prices have fallen 1.7% so far this week. US gold futures fell 0.1% to $ 1,872.10 an ounce.

Silver fell 0.2% to $ 27.39 an ounce, palladium fell 0.2% to $ 2,832.33 and platinum slipped 0.4% to $ 1,152.21 .



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