Gold prices in India climbed on Friday (June 6), with 24-karat gold trading at ₹99,600 per 10 grams and 22-karat at ₹91,300, according to Goodreturns. The 18-karat variant stood at ₹74,700 per 10 grams.
The uptick aligns with global trends as investors shift towards safe-haven assets amid lingering economic concerns in the US.
On the international front, spot gold rose 0.5% to $3,368.49 an ounce by 03:40 GMT, putting the metal on track for a weekly gain of 2.5% an ounce.
US gold futures also advanced 0.5% to $3,391.40 an ounce.
Analysts attribute the rally to weaker US data and uncertainty surrounding ongoing trade discussions between Washington and Beijing.
“Some of the initial enthusiasm following the Trump-Xi call has faded, allowing gold to edge higher,” said Tim Waterer, Chief Market Analyst at KCM Trade. While the leaders' rare conversation hinted at progress, unresolved issues continue to cloud the outlook.
Back home, analysts remain cautious. Rahul Kalantri, VP Commodities at Mehta Equities Ltd., said, “After touching a four-week high, gold prices corrected slightly due to profit booking in short-term futures.” He noted that support for gold stands at ₹97,420–₹96,990 per 10 grams with resistance at ₹98,350–₹98,640 per 10 grams."
Adding to the caution, US jobless claims surged to a seven-month high, signaling possible cracks in the labor market. Investors now await the US nonfarm payroll (NFP) report due later today. A softer reading could reinforce bets on interest rate cuts by the Federal Reserve.
“The NFP data could be the next big trigger. A significant miss may lead to a breakout in gold,” Waterer added.
Aksha Kamboj, Vice President of India Bullion and Jewellers Association, said, “Gold prices have eased from elevated levels after the Trump-Xi trade talk announcement lifted investor sentiment. However, markets are still waiting for clarity, and weak US data could cap downside risk.”
Meanwhile, silver has outpaced gold this week. It jumped to $36 per ounce, its highest since 2012. In India, silver traded at ₹10,58,500 per kg.
Manav Modi of Motilal Oswal Financial Services observed, “Silver has caught up to gold’s pace amid improving fundamentals and investor interest.”
-With inputs from Reuters
The uptick aligns with global trends as investors shift towards safe-haven assets amid lingering economic concerns in the US.
On the international front, spot gold rose 0.5% to $3,368.49 an ounce by 03:40 GMT, putting the metal on track for a weekly gain of 2.5% an ounce.
US gold futures also advanced 0.5% to $3,391.40 an ounce.
Analysts attribute the rally to weaker US data and uncertainty surrounding ongoing trade discussions between Washington and Beijing.
“Some of the initial enthusiasm following the Trump-Xi call has faded, allowing gold to edge higher,” said Tim Waterer, Chief Market Analyst at KCM Trade. While the leaders' rare conversation hinted at progress, unresolved issues continue to cloud the outlook.
Back home, analysts remain cautious. Rahul Kalantri, VP Commodities at Mehta Equities Ltd., said, “After touching a four-week high, gold prices corrected slightly due to profit booking in short-term futures.” He noted that support for gold stands at ₹97,420–₹96,990 per 10 grams with resistance at ₹98,350–₹98,640 per 10 grams."
Adding to the caution, US jobless claims surged to a seven-month high, signaling possible cracks in the labor market. Investors now await the US nonfarm payroll (NFP) report due later today. A softer reading could reinforce bets on interest rate cuts by the Federal Reserve.
“The NFP data could be the next big trigger. A significant miss may lead to a breakout in gold,” Waterer added.
Aksha Kamboj, Vice President of India Bullion and Jewellers Association, said, “Gold prices have eased from elevated levels after the Trump-Xi trade talk announcement lifted investor sentiment. However, markets are still waiting for clarity, and weak US data could cap downside risk.”
Meanwhile, silver has outpaced gold this week. It jumped to $36 per ounce, its highest since 2012. In India, silver traded at ₹10,58,500 per kg.
Manav Modi of Motilal Oswal Financial Services observed, “Silver has caught up to gold’s pace amid improving fundamentals and investor interest.”
-With inputs from Reuters
First Published: Jun 6, 2025 10:20 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!