- Gold futures rose nearly 1% amid geopolitical uncertainty.
- Renewed US-Iran conflict boosted safe-haven asset demand.
- Market sentiment shifted due to West Asia military escalation.
Gold Silver Rate Today:Gold prices climbed nearly 1 per cent to Rs 1.60 lakh per 10 grams in futures trade on Tuesday as renewed geopolitical uncertainty surrounding the US-Iran conflict boosted demand for the safe-haven asset.
On the Multi Commodity Exchange (MCX), the August gold contract rose by Rs 1,313, or 0.82 per cent, to Rs 1,60,554 per 10 grams. The contract recorded a business turnover of 8,150 lots.
Analysts said precious metals gained after investors reassessed geopolitical risks following fresh military developments in West Asia, which complicated efforts to secure a lasting peace agreement between the US and Iran.
“Market sentiment had improved on hopes of an imminent US-Iran peace agreement, turned cautious after another round of military escalation over the weekend,” said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd.
According to reports, Iran’s Tasnim News Agency said Tehran had suspended indirect negotiations with Washington and was considering a blockade of the Strait of Hormuz, citing violations of the existing ceasefire arrangement.
However, US President Donald Trump dismissed reports of a breakdown in negotiations. He said discussions with Iran were continuing rapidly and that an Israeli strike on Beirut had been called off following his intervention.
In global markets, Comex gold futures for the August contract gained $63.79, or 1.42 per cent, to $4,570.09 per ounce in New York.
Market participants are now awaiting the Reserve Bank of India’s monetary policy decision and key US labour market data due later this week for further signals on interest rates and the near-term direction of bullion prices, Modi added.
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Gold Rates Across Major Cities In India On June 2
| City | 24k Gold Per Gram | 22k Gold Per Gram | 18k Gold Per Gram |
| Gold Rate in Hyderabad | 15,622 | 14,320 | 11,717 |
| Gold Rate in Ahmedabad | 15,627 | 14,325 | 11,722 |
| Gold Rate in Indore | 15,627 | 14,325 | 11,722 |
| Gold Rate in Lucknow | 15,637 | 14,335 | 11,732 |
| Gold Rate in Coimbatore | 15,818 | 14,500 | 12,180 |
| Gold Rate in Bhubaneswar | 15,622 | 14,320 | 11,717 |
| Gold Rate in Mysore | 15,622 | 14,320 | 11,717 |
| Gold Rate in Kanpur | 15,637 | 14,335 | 11,732 |
| Gold Rate in Salem | 15,818 | 14,500 | 12,180 |
| Gold Rate in Visakhapatnam | 15,622 | 14,320 | 11,717 |
| Gold Rate in Vijayawada | 15,622 | 14,320 | 11,717 |
| Gold Rate in Patna | 15,627 | 14,325 | 11,722 |
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Silver Price Across Major Cities In India On June 2
Silver Price Today in Major Indian Cities
| City | Per Gram | Per KG |
| Silver Rate in Hyderabad | 290 | 290,000 |
| Silver Rate in Ahmedabad | 280 | 280,000 |
| Silver Rate in Indore | 280 | 280,000 |
| Silver Rate in Lucknow | 280 | 280,000 |
| Silver Rate in Coimbatore | 290 | 290,000 |
| Silver Rate in Bhubaneswar | 290 | 290,000 |
| Silver Rate in Mysore | 280 | 280,000 |
| Silver Rate in Kanpur | 280 | 280,000 |
| Silver Rate in Salem | 290 | 290,000 |
| Silver Rate in Visakhapatnam | 290 | 290,000 |
| Silver Rate in Vijayawada | 290 | 290,000 |
| Silver Rate in Patna | 280 | 280,000 |
