Mumbai Gold Rate Today, June 2, Holds Above Rs 1.56 Lakh Amid Fed Rate Hike Fears; Silver Near Rs 2.8 Lakh

Mumbai Gold Rate Today: The price of 24 karat, 22 karat and 18 karat gold in Mumbai remained close to Rs 1.6 lakh per 10 gram on Tuesday, June 2. Meanwhile, Mumbai silver rate today remained near Rs 2.8 lakh per kilogram today. While gold rate today in Mumbai remained stable, the precious metal saw price correction the previous sessions as part of a weaker sentiment prevailing across the domestic and global bullion market.

Market investors are shifting their sentiment around gold amid growing expectations of a rate hike by US Federal Reserve (US Fed) in its upcoming meeting in June. Back in Mumbai, lakhs of High Net Worth Individuals (HNIs) keep a track of daily gold rates.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai remained unchanged on Tuesday at Rs 15,622 per gram. Likewise, the price of 22 karat gold today in Mumbai stood at Rs 14,320 per gram. The rate of 18 karat gold rate today in Mumbai stood at Rs 11,717 per gram. Gold prices in Mumbai and across India saw sharp price correction on Monday, June 1 after seeing strong monthly gains in May.

Mumbai Silver Rate Today

The price of silver in Mumbai also remained stable. Silver rate today in Mumbai stood at Rs 280 per gram and at Rs 2,80,000 per kilogram. Silver is showcasing some stability over the past few months after seeing record rally in January followed by massive crash in January.

"Gold prices started the week on a weaker note, pressured by a stronger U.S. dollar and renewed geopolitical uncertainty after Iran announced suspension of negotiations with US following fresh military strikes and Israel's expanded operations in Lebanon. Market sentiment, which had recently improved on hopes of an imminent U.S.-Iran peace agreement, turned cautious after another round of military escalation over the weekend," explained Manav Modi Commodities Analyst Motilal Oswal Financial services Ltd.

The recent gold price correction came as the precious metal struggled to attract strong safe-haven demand as investors continued to favour the US dollar and srisk assets. The recent trend reversal came amid expectations of higher inflation leading to higher for "longer rates," said Modi highlighting that U.S. Manufacturing PMI was reported broadly in line with expectations.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.