Gold Rate In India Strategy For June 2: 24K, 22K, 18K Gold Prices Movement; BUY/SELL Gold, Silver At MCX?

Gold rates in India are expected to rise, however, correction is expected in silver on Monday, June 2. It is recommended to buy gold, but be cautious on silver at MCX. In the early trade, both gold and silver prices have climbed on MCX, while 100 grams of gold price in 24 carat have surged by Rs 3,300. There is an upside of Rs 3,000 and 2,400 per 100 grams in 22 carats and 18 carats.

"Market participants now await Fed Chair Powell's speech on Monday for further direction," said Rahul Kalantri, VP of Commodities, Mehta Equities in a note.

MCX Gold, Silver Prices:

At the time of writing, the MCX gold price with an August 2025 expiry surged by Rs 422 or 0.44% to trade at Rs 96,297 per 10 grams, which was near its intraday high of Rs 96,239 per 10 grams.

Meanwhile, the MCX silver price zoomed by Rs 379, or 0.4%, to trade at Rs 97,394 per 1 kg. The silver is near its intraday high of Rs 97,426 per 1kg.

"Gold and silver witnessed sharp price volatility and closed lower last week, pressured by a rebound in the dollar index and geopolitical concerns. A stronger dollar, recovering from a one-month low, weighed on bullion prices. Market sentiment was further impacted by U.S. President Trump's tweets accusing China of trade violations and issuing warnings to Russia over Ukraine. Additionally, a 9-judge bench stayed a federal court's order blocking Trump's tariff policy, adding to investor caution. Market participants now await Fed Chair Powell's speech on Monday for further direction," Kalantri added.

Gold Prices In India:

100 grams gold price stood at Rs 9,76,400 in 24 carats, surging by Rs 3,300. While 100 grams gold rates jumped by Rs 3,000 and Rs 2,400 to Rs 8,95,000 and Rs 7,32,300 in 22-carat and 18 carats respectively.

Coming to 10 grams gold, the prices surged by Rs 330 to Rs 97,640 in 24 carat, up by Rs 300 to Rs 89,500 in 22 carat, and higher by Rs 240 to Rs 73,230 in 18 Carat.

Silver Prices In India:

Silver reclaimed its Rs 1 lakh mark in the start of June month. On June 2nd, silver surged by Rs 100 to hit Rs 1,00,000 per 1 kg level. 100 grams and 10 grams silver prices are at Rs 10,000 and Rs 1,000 accordingly. The cheapest silver price is of Rs 100 in 1 gram.

Gold, Silver Prices Outlook On June 2:

As per Kalantri, Gold has support at $3274-3250 while resistance at $3324-3342. Silver has support at $32.72-32.40 while resistance is at $33.35-33.55. In INR gold has support at Rs94,510-94,180 while resistance at Rs95,150-95,440. Silver has support at Rs96,260-95,650 while resistance at Rs97,650-98,550.

Gold prices rose above $3,300 per ounce on Monday as President Donald Trump's new tariff threat spurred demand for safe-haven assets. Trump said on Friday he will double existing tariffs on steel and aluminum imports from 25% to 50%, effective June 4. The announcement comes amid an ongoing legal battle over the legality of some of Trump's tariff policies, which an appeals court has allowed to continue after the Court of International Trade ordered the administration to halt the taxes. Adding to market unease, Trump accused China of violating a tariff truce reached in early May, a claim Beijing countered with its own accusations of US wrongdoing, as per Trading Economics.

On the geopolitical front, Trading Economics data said, a Ukrainian drone attack has destroyed over 40 Russian planes within Russian territory, while Moscow pounded Ukraine with missiles and drones, just hours before the two sides meet for a new round of direct talks in Istanbul.

For gold, Nirmal Bang's technical report dated June 2nd, said, "Gold prices are expected to rise One can buy at 96100 with a stop loss of 95700 for the target at 96500-96700."

But for silver, the technical note said, "Silver prices are expected to correct. Traders can sell at 97600 with a stop loss of 98500 for the target 96500-96000."

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.