Gold rate in India started the month of June with a big bang on Monday, as the 24-carat gold price surged by a whopping Rs 15,300 in 100 grams. The price of 10 grams of gold is now above Rs 98,800. Heightened tensions between Ukraine and Russia and a possible spillover from the US-China 90-day truce have lifted yellow metals across the market. The uptrend is likely to continue on Tuesday, June 3.
Gold prices surged by Rs 15,300 for 24 carats of 100 grams, and up by Rs 1,530 in 10 grams on June 1. The prices were unchanged on June 1st and May 31st. While gold climbed by Rs 2700 in 100 grams and by Rs 270 in 10 grams on May 30.
That being said, in four days, gold prices zoomed by Rs 18,000 in 100 grams and Rs 1800 in 10 grams of 24 carat.
At present, the price of 100 grams of gold stood at Rs 9,88,400 in 24 carat, at Rs 9,06,000 in 22 carat, and at Rs 7,41,300 in 18 carat. Meanwhile, 10 grams gold rates are Rs 98,840 for 24 carats, Rs 90,600 in 22 carat, and Rs 74,130 in 18 carat.
The cheapest gold prices are Rs 9,884 per gram for 24 karat gold, Rs 9,060 per gram for 22 karat gold and at Rs 7,413 per gram for 18 karat gold (also called 999 gold).
"Gold reacted sharply to renewed geopolitical tensions, as Ukraine launched retaliatory strikes following intensified Russian offensives," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said.
The price of gold in Chennai is at Rs 9,884 per gram for 24 karat gold, Rs 9,060 per gram for 22 karat gold and Rs 7,460 per gram for 18 karat gold (also called 999 gold).
The price of gold in Delhi is at Rs 9,899 per gram for 24 karat gold, at Rs 9,075 per gram for 22 karat gold and at Rs 7,425 per gram for 18 karat gold (also called 999 gold).
The price of gold in Mumbai is at Rs 9,884 per gram for 24 karat gold, Rs 9,060 per gram for 22 karat gold and Rs 7,413 per gram for 18 karat gold (also called 999 gold).
The price of gold in Bangalore is at Rs 9,884 per gram for 24 karat gold, Rs 9,060 per gram for 22 karat gold and Rs 7,413 per gram for 18 karat gold (also called 999 gold).
The price of gold in Hyderabad is at Rs 9,884 per gram for 24 karat gold, Rs 9,060 per gram for 22 karat gold and Rs 7,413 per gram for 18 karat gold (also called 999 gold).
The price of silver also gained traction. 1Kg silver price surged by Rs 100 to hit Rs 1,00,000 mark on Monday. 100 grams and 10 grams silver prices are at Rs 10,000 and Rs 1,000 respectively. In cities like Chennai, Hyderabad and Kerala, gold prices are at Rs 1,11,000.
MCX Gold, Silver Prices:
MCX gold price stood at Rs 97,946 per 10 grams, surging by Rs 2,071 or 2.2% on June 2nd. The bullion touched its highest level of Rs 98,050 per 10 grams during the trading session.
Meanwhile, MCX's silver price closed above Rs 1,00,000 to Rs 1,00,980 per 1 kg, after touching an intraday high of Rs 1,01,144 per 1kg.
According to Trivedi, this week's focus shifts to key macroeconomic indicators including U.S. Manufacturing PMI, Non-Farm Payrolls, Unemployment Rate, and speeches from Fed Chair Jerome Powell. With safe-haven momentum returning and a heavy data calendar ahead, gold may look to test the $3,400 level.
He added, "Support is seen at $3,250 on Comex and Rs 94,000 on MCX, while resistance is expected between Rs 98,500-Rs 99,000."
Gold prices surged 2.5% on Monday to above $3,370 per ounce, hitting their highest level in over three weeks as investors sought safety amid rising geopolitical and economic risks. A 0.7% decline in the dollar made the metal more appealing to foreign buyers, further fueling the rally. Market jitters intensified after US President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50%, effective June 4, adding to existing trade tensions with China. Trump also accused Beijing of violating a recent tariff truce, while China countered with its own allegations, deepening uncertainty around global trade, as per Trading Economics.
Meanwhile, Trading Economics also highlighted that the Russia-Ukraine conflict escalated following a Ukrainian drone strike that reportedly destroyed over 40 Russian aircraft, prompting a wave of missile and drone attacks from Moscow. These developments come ahead of key US economic data, a European Central Bank meeting, and high-stakes US-China talks.
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