Gold Rate In India: Sharp Surge In 24, 22, 18 Karat Gold Price On June 5; Check Latest Rates In Your City

Gold Rate in India Today: The price of 24, 22, 18 karat gold rates in India today witnessed another sharp surge on Thursday, June 5, making it the fourth gold rate spike of the week. Gold rate today surged amid persistent geopolitical uncertainty, stock market volatility and trade tensions. Back in India, soaring gold prices are likely to hurt the budget of jewellery buyers.

Gold rate in India today surged for the fourth time in a week, marking an upbeat start for the precious metal in the month of June. Gold rates in India have surged in the backdrop of weakening Indian currency and volatility in the equities market.

Gold Rate in India Today

The price of 24 karat gold increased by Rs 430 to Rs 99600 per 10 gram, whereas the price of 22 karat gold today stood at Rs 91300 per 10 gram, which was Rs 400 higher than the previous gold rate. Additionally, the price of 18 karat gold increased by Rs 320 to Rs 74700 per 10 gram. The gold rate in India has surged nearly 2% since the beginning of June. The price of the precious metal reached to its record high mark of above Rs 1 lakh in April. However, the prices declined during the first half of May month and reversed their trajectory in the second half of the month.

Gold Rate In India: Check Latest Gold Rates In Top Indian Cities

Following the sharp uptick in gold rates in India, the price of 24, 22, 18 Karat gold rates in Delhi, Mumbai, Chennai, and Bangalore surged today. Gold rate in Delhi, Bangalore, Mumbai, Kolkata, Hyderabad, and Kerala stood at Rs 9960 per gram. Whereas the price of 22 karat gold rate in Mumbai, and other previously mentioned Indian cities increased to Rs 9130. However, 22 karat gold rate in Delhi stood at Rs 9145 per gram. 18 karat gold rate in Bangalore, Mumbai, and Chennai stood at Rs 7510 per gram.

International gold rate today surged to a record level on Thursday with its price hovering around its four-week high trajectory. International gold rates stood at $3370 per ounce on Thursday, according to Trading Economics. Surge in international gold rates has come amid reports of contraction in US service sector activity and slowdown in the private sector job growth in the United States. Several economic indicators are hinting at a US economic slowdown in the coming months.

In India, economists and experts will be keenly waiting for the repo rate announcement by the Reserve Bank of India Monetary Policy Committee Meeting which began on 4 June. RBI MPC meeting, being held under the leadership of RBI Governor Sanjay Malhotra, will conclude on Friday June 6. Several experts have hinted that RBI may go for another repo rate cut in June amid slowdown in inflation and better-than-expected GDP growth rate.

Gold Price Outlook

Amid persistent trade tensions, gold prices are likely to rise in the short-term, according to brokerage Nirmal Bang report. "Gold prices are expected to rise. Traders can buy at 98200 with a stop loss of 97900 for the target at 98600-98800," noted Nirmal Bang. Echoing a similar sentiment for silver, the brokerage added, "One can buy at 100800 with a stop loss of 99700 for the target at 102000-103500."

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.