Gold Price Today, 9 June- Gold shifts between gains and losses; resistance at Rs 60,120, support at Rs 59,760

Gold Price Today, 9 June: Gold shifts between gains and losses; resistance at Rs 60,120, support at Rs 59,760

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Friday, while the silver rate is up 0.18%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,893 per 10 grams, up Rs 2 after dipping in the negative territory intraday. Silver July futures were trading higher by Rs 132 at Rs 73,802 per kg on MCX.

Globally, the yellow metal prices edged lower on Friday after climbing more than 1% in the previous session, although hopes of a likely pause on interest rate hikes by the U.S. central bank kept bullion on track for a weekly gain, according to Reuters. Spot gold was down 0.2% to $1,964.79 per ounce by 0304 GMT, but headed for a 0.9% weekly rise. U.S. gold futures held steady at $1,979.80.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1951-1940 while resistance is at $1974-1985. Silver has support at $24.08-23.90, while resistance is at $24.45-24.62. In INR terms, gold rate has support at Rs 59,760-59,580, while resistance is at Rs 60,120, 60,270. Silver has support at Rs 73,280-72,720, while resistance is at Rs 74,340–74,720,” said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold prices gained on jobless claims

“Gold price and silver rate inched higher in the previous session, on track for their second weekly gain on bets that the U.S. Federal Reserve may pause rate hikes in its meeting next week. Lower than expected data points from the US supported the move in Dollar. U.S. weekly jobless claims surged last week, cementing expectations that the Federal Reserve will pause its interest rate-hiking cycle.

“We also witnessed the second consecutive negative quarter GDP reported from the Eurozone, increasing distress in the market. Focus now shifts to the U.S. consumer inflation report for May, due on June 13, ahead of the Fed meeting, which will provide investors with more clarity about the health of the world’s largest economy. Broader trend on COMEX could be in the range of $1945-1985 and on domestic front prices could hover in the range of Rs 59,500-60,200,” said Manav Modi, MOFSL.