Gold price today 1 June: Gold rate declined in morning deals on MCX on Monday, 1 June, dragged by a stronger dollar and elevated crude oil prices, even as investors’ focus remained on developments surrounding a potential US-Iran peace deal.
MCX gold August futures were 0.67% down at ₹1,59,600 per 10 grams, while MCX silver July futures were flat at ₹2,67,000 per kg around 9:13 am.
The dollar index spiked by about 0.20%, making greenback-denominated gold expensive for buyers in other currencies.
Furthermore, the crude oil price rallied by over 2% amid persistent uncertainty over a US-Iran deal, heightening the risk of inflation remaining high and driving global monetary tightening.
Important geopolitical developments
China’s manufacturing activity expanded faster than expected in May, according to a private survey released Monday. However, growth slowed from the previous month and contrasted with softer official data pointing to weaker momentum in the sector, as detailed in a report by CNBC US.
The RatingDog China General Manufacturing Purchasing Managers’ Index, compiled by S&P Global, came in at 51.8, a touch above the 51.6 expected in a Reuters poll.
Japanese bond yields are the highest in 40 years
Japan’s government is preparing a supplementary budget of around 3 trillion yen, or about $19 billion, to replenish and consolidate reserves and fund fuel and utility subsidies amid higher energy costs.
The budget was largely in line with market expectations, at about 3 trillion yen ($19 billion), but comes as Japan still struggles with higher energy prices, rising subsidy costs, and a weak yen, as detailed in another report by CNBC US.
Oil jumps 2% as Israel expands Lebanon offensive
Oil prices rallied on Monday after Israel ordered troops to push deeper into Lebanon. This renewed concerns that clashes with the Iran-backed Hezbollah group could threaten a fragile ceasefire between Washington and Tehran.
Furthermore, Brent crude futures, the international benchmark, gained 2.45% to $93.35 a barrel. West Texas Intermediate futures added 2.8% to $89.78 per barrel.
Keeping these important geopolitical developments and factors in mind, here are the most recent price changes in gold and silver across various cities in India.
Gold Prices in Mumbai — 1 June
24 karat gold rate in Mumbai — ₹159,510/10 gm
22 karat gold rate in Mumbai — ₹146,218/10 gm
Silver 999 Fine rate in Mumbai — ₹266,760/1 kg
Gold Prices in New Delhi — 1 June
24 karat gold rate in New Delhi — ₹159,230/10 gm
22 karat gold rate in New Delhi — ₹145,961/10 gm
Silver 999 Fine rate in New Delhi — ₹266,300/1 kg
Gold Prices in Bengaluru — 1 June
24 karat gold rate in Bengaluru — ₹159,640/10 gm
22 karat gold rate in Bengaluru — ₹146,337/10 gm
Silver 999 Fine rate in Bengaluru — ₹266,970/1 kg
Gold Prices in Kolkata — 1 June
24 karat gold rate in Kolkata — ₹159,300/10 gm
22 karat gold rate in Kolkata — ₹146,025/10 gm
Silver 999 Fine rate in Kolkata — ₹266,410/1 kg
Gold Prices in Hyderabad — 1 June
24 karat gold rate in Hyderabad — ₹159,760/10 gm
22 karat gold rate in Hyderabad — ₹146,447/10 gm
Silver 999 Fine rate in Hyderabad — ₹267,190/1 kg
Gold Prices in Chennai — 1 June
24 karat gold rate in Chennai — ₹159,970/10 gm
22 karat gold rate in Chennai — ₹146,639/10 gm
Silver 999 Fine rate in Chennai — ₹267,540/1 kg
