📷 Image Credits: Zee Business
Gold and Silver rate\xa0today (June 3, 2024):\xa0Domestic yellow\xa0metal\xa0futures\xa0gave up gains of last week\xa0erasing its weekly advance, while, white metal were subdued with a poitive bias ahead of Lok Sabha election results due Tuesday, June 4. Globally, traders cashed in the price increase driven by a key US inflation gauge that provided some relief for policymakers looking for reassurance they can start lowering borrowing costs.
MCX gold futures (Aug\xa05) were down\xa0by 0.47\xa0per cent or Rs 336\xa0at Rs 71,550\xa0per 10 gm.\xa0Meanwhile, MCX Silver futures (Jul\xa05) were flat with positive bias at Rs 91,609\xa0per kg.
Gold traded weak below Rs 71,700, touching a low of\xa0 Rs 71,300 in the morning session as COMEX\xa0Gold saw selling pressure below $2,340. Late Friday’s session saw profit booking in Gold, as interest rate cuts seem distant for now. Once the certainty of a September rate cut emerges, Gold prices are expected to react positively. This week holds crucial data, particularly on Wednesday and Friday. The ADP Nonfarm Employment data on Wednesday and the Nonfarm Payroll along with Unemployment data on Friday will be the focus for market participants, said\xa0Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold August\xa0futures on the rise at 71,500, keeping the stop loss at Rs 72,000 and a target price of Rs 71,000. For Silver July\xa0futures, she recommended selling\xa0on the rise at Rs 91,000, with a stop loss of Rs 92,000 and a target of Rs 89,000.
Meanwhile, COMEX gold in the international market was up\xa00.24\xa0per cent at $2,351.4\xa0per ounce.
Praveen Singh \u2013 Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas sees support\xa0at $2320/$2295-$2300 zone/$2277 and resistance\xa0at $2350/$2365/$2380/$2400.
For all other news related to business, politics, tech and auto, visit\xa0Zeebiz.com.
The price of gold traded at $2,334.06 per troy ounce, as of 9 a.m. ET. That\u2019s down 0.89% from yesterday\u2019s gold price per ounce and up 12.96% since the beginning of the year.
The lowest trading price within the last 24 hours: $2,314.80 per ounce. The highest gold spot price in the last 24 hours: $2,359.72 per ounce.
XAU/USD is the label for finding the spot gold price traded in U.S. dollars. In this case, gold (XAU) is traded against the dollar, and the price represents the cost of one (troy) ounce of gold in USD. But there are other foreign exchange markets, such as XAU/EUR for trading in euros and XAU/GBP for trading in British pounds.
The spot gold price represents the price at which gold can be exchanged and delivered, and prices are typically quoted in gold price per troy ounce in U.S. dollars. But prices can also be quoted per gram and kilo. It’s worth noting that a troy ounce is slightly heavier than a standard ounce.
The chart below shows how the spot price of gold is trending over the year. The data is as of 9 a.m. ET and doesn\u2019t display intraday highs or lows.
Gold is up 12.96% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,450.06 on May 20, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 2023.
Remember that the spot price of gold is quoted in real time and represents the current price at which gold can be bought or sold for immediate delivery. For most investors, the spot price usually differs from the price they’ll pay or receive when they decide to purchase or sell their gold.
Buying physical gold involves overheads like storage costs and insurance.
When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.
While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.
In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.
Precious metals have long served as investment vehicles and industrial commodities. Like gold, the spot prices of silver, platinum and palladium fluctuate based on various market, economic and geopolitical factors.
Silver possesses both monetary and industrial value. While it’s used as a hedge against economic volatility, it’s also crucial in the electronics, automotive and medical industries. Its dual-use nature can lead to different market dynamics compared to gold.
The price of silver opened at $30.58 per ounce, as of 9 a.m. ET. That\u2019s down 2.94% from the previous day’s silver price per ounce and up 27.83% since the beginning of the year.
The lowest trading price within the last day: $29.78 per ounce. The highest silver spot price in the last 24 hours: $31.77 per ounce.
Platinum is another precious metal that commands attention. Rarer than gold and silver, its primary use is in automotive catalytic converters, which help reduce harmful emissions. Given the push for cleaner automotive technologies, the demand dynamics for platinum can vary, influencing its spot price.
The price of platinum opened at $1,029.70 per ounce, as of 9 a.m. ET. That\u2019s down 1.90% from yesterday\u2019s platinum price per ounce and up 4.25% year to date.
The lowest trading price within the last 24 hours: $1,020.65 per ounce. The highest platinum spot price in the last 24 hours: $1,051.59 per ounce.
