Gold Rate In India Is Rs 2,290 From ALL-TIME HIGH; Know 24K, 22K, 18K Gold Prices; Buy Yellow Metal On June 4?

Gold rates in India have rallied for second consecutive day since the start of this week's trading session. The gaining momentum is expected to continue on Wednesday, June 4th. 100 grams gold of 24 carat surged by Rs 17,500 from June 2-3. That being said, the 10-gram gold price hit its highest June level to Rs 99,060 in 24 carat, a Rs 2,290 distance from its all-time high. MCX gold climbed above the Rs 98,000 mark.

"The market is now consolidating ahead of key U.S. economic releases. June 3rd's highlight is the JOLTS job openings data, while June 4th will bring ADP Non-Farm Employment Change, ISM Services PMI, and Non-Manufacturing Prices all of which could drive volatility in gold," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said.

MCX Gold, Silver Prices:

At the time of writing, MCX gold price surged by Rs 391 or 0.40%. The bullion with an August 2025 expiry, traded near its intraday high of Rs 98,160 per 10 grams.

Meanwhile, the MCX gold price climbed by Rs 336, or 0.35%, to Rs 97,544 per 10 grams, which was near its intraday high of Rs 97,662 per 10 grams.

MCX silver futures with July 2025 expiry, also gained momentum to trade at Rs 1,01,419 per 1kg, higher by Rs 203 or 0.20%. Silver touched an intraday high of Rs 1,01,505 per 1kg.

Gold Prices In India:

Currently, 10 grams gold price stood at Rs 99,060 for 24 carats, and Rs 90,800 for 22 carats. Meanwhile, the price of 100 grams of gold stood at Rs 9,90,600 in 24 carat and Rs 9,08,000 in 22 carat. In 18 carat, gold prices stood at Rs 74,300 per 10 grams, and at Rs 7,43,000 per 100 grams.

Gold prices in 100 grams and 10 grams were up by Rs 2200 and Rs 220 on June 3rd, followed by the rise of Rs 15,300 and Rs 1,530 on June 2nd in 24 carats. In these two days, gold rates climbed by Rs 17,500 and Rs 1,750 in 100 grams and 10 grams.

With that 10 grams gold price is now Rs 2,290 from crossing its all-time high of Rs 1,01,350 per 10 grams.

Silver Rates In India:

1KG silver price is at Rs 1,00,200, 100 grams and 10 grams silver price stood at Rs 10,020 and Rs 1,020 respectively.

Spot Gold Price:

Gold rose toward $3,370 per ounce on Wednesday, recouping some losses from the previous session as rising geopolitical and economic risks boosted its safe-haven appeal. On Tuesday, the OECD lowered its global growth outlook, citing mounting pressure on the US economy from escalating trade tensions. This was compounded by weak US factory orders but tempered by signs of labor market resilience, as per Trading Economics.

Yellow Metal Outlook On June 4. Should You Buy Precious Metals?

US and China have accused each other of violating the existing trade truce, significantly dampening hopes for renewed negotiations. In response, China has vowed retaliatory measures, stoking fears of a prolonged trade conflict. Also, Trump's plan to double tariffs on steel and aluminum imports effective June 4 drew a sharp response from the European Union, which warned the move could derail trade talks with the US and prompt retaliatory measures, highlighted by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities.

Chainwala added, "Geopolitical risks also added to gold's bullish momentum as renewed conflict between Russia and Ukraine and fears of a possible US or Israeli strike on Iran's nuclear facilities, have further soured global risk sentiment. Also, comment by Federal Reserve Governor Christopher Waller that any tariff-driven inflation would likely be temporary, giving the Fed scope to deliver "good news" rate cuts in 2025, another supportive factor for gold prices. Today, gold edged slightly lower, dipping below $3,390 per ounce, as investors await the JOLTS job openings report and remarks from several Federal Reserve officials for fresh monetary policy signals."

Additionally, Trivedi said, "A slightly stronger dollar near 99.00 is exerting mild pressure, though the broader trend in gold remains bullish. Technical charts indicate support at Rs 95,000, with resistance now seen at Rs 99,500."

BUY/SELL?

According to technical report of Nirmal Bang dated June 4, gold prices are expected to rise. One can buy at 97800 with a stop loss of 97500 for the target at 98200-98500.

For silver, the technical report said, silver prices are expected to rise. One can buy at 100500 with a stop loss of 99500 for the target 102000-103500.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author, GoodReturns.In nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.