Gold Rate Today In India Remain Flat for 2nd Day After Sharp Fall Earlier This Week; Check Today's Gold Price

Gold prices in India today are taking a breather with no major movement recorded in the last two days. The 24 karat gold rate in India remained stable today after it slipped sharply by Rs.8200 per 100 grams at the beginning of this week.

Traditionally, May and June observe strong gold and jewellery demand due to the ongoing Hindu wedding season. However, with gold prices in India hitting record highs earlier, buyers are now more cautious and postponing big jewellery purchases, hence the drop in demand and the gold prices.

The yellow metal in the global bullion market fell slightly on Wednesday as investors closely monitored rising tensions in the Middle East and awaited key US economic data. Expectations that the US Federal Reserve may keep interest rates high for a longer period is currently weighing on gold prices. Since gold rates in India generally follow international trends, any major movement in global bullion prices could impact gold prices across Indian cities.

Gold Rate in India Today, June 3rd

Since there is no movement in gold prices on June 3rd, 22-carat gold rates in India are currently steady at Rs.1,43,200 per 10 grams, while the 24-carat gold rates are at Rs.1,56,220 per 10 grams. Just like that, 18-carat gold rates in India were stable at Rs. 1,17,170 per 10 grams.

For heavy-weight quantities, 100 grams of 24-carat gold rates are now priced at Rs 15,62,200, while the 22-carat gold today costs Rs 14,32,000.

Silver Rate in India Today

The silver rate in India today also observed no rise or fall and remained steady at yesterday's performance. Currently, 1 kg of silver costs Rs 2,80,000, while 100g costs Rs 28,000.

Gold Price Outlook Ahead

"Gold prices are expected to correct. One can sell at Rs. 159800 with a stop loss of Rs. 160500. Prices can test Rs. 159000- Rs. 158200", as per Nirmal Bang Securities.

International gold prices are also expected to slip further as per the ICICI Commodity Report, which stated,"Spot Gold is likely to slip further towards $4400 level amid firm dollar and rise in US treasury yields.Further, prices may slip as renewed hostilities in the Middle East may weaken the hopes of imminent resolution between the US and Iran and reignite inflation concerns and higher interest rates for prolonged time. Resumption of military strikes at a time when diplomatic talks between US and Iran remained stalled will sustain heightened anxiety. "

MCX Gold Futures and Silver Futures Prices

Gold futures at the multi-commodity exchange are trading in the red zone on Wednesday. Gold futures, which are expected to mature on June 5th currently at Rs1,54,700 after falling by 0.55% per 10 grams as of 11:30 am. Similarly, silver futures slated to mature on 3rd July slipped by 0.48% to trade at Rs 2,65,440.

Spot Gold Prices + Spot Silver Price Today

According to a Reuters report, "Spot gold fell 0.3% to $4,471.38 per ounce by 0511 GMT, after rising more than ​1% in the previous session. U.S. gold futures for August delivery slipped 0.5% to $4,499.30. Meanwhile, Spot silver fell 0.4% to $74.82 per ounce."

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