Gold rate today (7th June 2024): Prices in Key Indian Cities

On Friday, gold rates saw a major upturn across India. In Delhi, 10 grams of 24-carat gold would cost you ₹73,900 today. Meanwhile, on the MCX, gold contracts for June delivery traded higher ₹330 at ₹ 73,750 per 10 grams.

Here is an extensive daily list to give you the most recent information on gold prices in India's key cities.

Check gold rates in different cities on 7th June 2024

Gold COMEX experienced a decline in its last trade, closing at 2,370.00, down by 20.90 points, marking a 0.87% decrease. Throughout the trading session, gold prices fluctuated, reaching a high of 2,406.70 and dipping to a low of 2,369.10. As the market opened at 2,395.70, indicating initial optimism, but ultimately, prices did not sustain higher levels and trended downwards.

This decline in gold prices possibly be influenced by various economic factors, including recent weaker-than-expected U.S. jobs data, which has fueled speculation about potential Federal Reserve interest rate cuts later this year. Despite the day's decline, gold remains a focal point for investors, especially given the broader economic uncertainties and fluctuating market expectations. The overall sentiment towards gold continues to be shaped by global economic indicators and central bank policies, with market participants closely monitoring any developments that could impact the precious metal's valuation.

The domestic market is showing encouraging signs of stability, with the benchmark index displaying lower volatility over the past two trading sessions. Meanwhile, the Nifty50 index experienced a choppy session but maintained its higher levels, ending the week positively at 22821 with a gain of nearly 0.90%. The index has rebounded over 61.80% from its recent decline and is now above all its major Exponential Moving Averages (EMAs) on the daily chart, signaling a return to bullish territory. Broad market participation underscores this bullish sentiment.

The 20-day Simple Moving Average (SMA) around 22600 and the 61.80% Fibonacci retracement level at 22552 are expected to provide strong support. On the upside, the 2300 mark poses significant resistance and requires a cautious approach. The upcoming RBI monetary policy outcome will likely influence the market's near-term direction. Traders should focus on identifying key themes and managing risks effectively, maintaining a balanced perspective despite recent market improvements.

Gold is widely considered a reliable hedge against inflation due to its tendency to maintain or increase in value during inflationary periods, making it an attractive option for investors seeking to protect their wealth. The current fluctuation in gold prices is attributed to strong or weak global cues, expectations of interest rate cuts by central banks later this year, and ongoing geopolitical conflicts. These factors influence gold's appeal as a safe haven, driving its demand and impacting its market value.

As the day progresses, we encourage investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.

For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India.

Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.