Gold Price Today, 1 June- Gold tanks domestically despite fall in dollar; resistance seen at Rs 60,180

Gold Price Today, 1 June: Gold tanks domestically despite fall in dollar; resistance seen at Rs 60,180

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Thursday, while the silver rate is down 0.50%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,958 per 10 grams, down Rs 240 or 0.40%. Silver July futures were trading higher by Rs 345 at Rs 71,748 per kg on MCX. 

Globally, the yellow metal prices held steady on Thursday, supported by a pullback in the dollar, although prices moved in a tight range as investors gauged the Federal Reserve’s interest rate outlook following a critical vote on the U.S. debt ceiling, according to Reuters. Spot gold held its ground at $1,963.99 per ounce by 0256 GMT. U.S. gold futures were flat at $1,963.90. Bullion registered a monthly fall in May.

Gold price can rally after dollar falls

“Gold price was steady after it rallied in the last two days with Comex trading up by 0.01% at $1965.0 per ounce in the morning session. Yellow metal got support from fall in US bond yields and dollar index after bets for a rate hike in June plunged to about 35% Wednesday, from nearly 60% a day earlier, after central bank officials signaled they plan to keep borrowing costs steady while retaining the option to increase further in coming months.

“We expect the rally in gold rate will extend once price cross resistance of $1970 per ounce. Comex spot gold having support at $1935/$1919 per ounce and resistance at $1970/$1984 per ounce for the day. MCX Gold August future having supports at Rs 59,700/59,580 per 10 gram and resistances at Rs 60,180/60,450 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.