Gold price: After the release of weak US economic data, MCX gold prices opened with an upward gap at ₹98,248 per 10 grams and quickly rose to an intraday high of ₹98,378 shortly after the market opened on Friday, June 6. The precious metal settled 0.02 per cent higher to end the day at ₹97,051.
The weak U.S. economic data overshadowed the early optimism sparked by President Donald Trump’s call with Chinese President Xi Jinping, as investors turned their focus to the upcoming U.S. payroll report.
In the international market, Gold prices declined by over 1% on Friday following a U.S. jobs report that exceeded expectations, reducing optimism for near-term interest rate cuts by the Federal Reserve.
“ Gold prices have rallied with good momentum in the recent week from a close of Rs.95875/10 gms to around Rs.98133/10 gms as on 6th June 2025, a rally of around 2.5 percent. On the COMEX, gold prices have rallied from lows of $3245/ounce to around $3366/ounce as on 6th June 2025, rally of around 3.7 percent. The yellow metal is shining bright on account of factors revolving around the escalation of geo-political tensions between Russia-Ukraine although they are sitting on the negotiation table discussing peace, combined with the tariff situation between US-China,” said Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd.
Silver prices climbed past $36 per ounce, hitting their highest level since February 2012, fueled by strong technical momentum, solid industrial demand, persistent supply shortages, and growing investor interest as a safe haven during economic uncertainty.
Gold Price Outlook for next week
Jigar Trivedi, Senior Research Analyst at Reliance Securities says that investors will be closely monitoring how the growing rift between President Trump and Elon Musk unfolds, in addition to the ongoing uncertainty surrounding US tariff negotiations.
Trivedi further said that Comex gold has been trading in the broad range from $3,200-3,400/oz, this range is crucial for the next move. A close above $3,400/oz will open doors for the next rally until $3,500/oz in the coming weeks.
“ On the other side, a close below $3,200/oz may pull it lower to $3,100/oz. Hence will have to wait for the range to be broken decisively. The undertone is bullish amid a weak US dollar, economic uncertainties, trade war and escalating Geo political risk between the Russia and the Ukraine. MCX Gold August may appreciate to Rs. 98,40/10gm,” he added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
