Gold, silver rates today: Comex gold extends rebound above $4,100; silver gains for second day as dollar weakens

Gold and silver prices remained higher for the second consecutive day, attempting to recover some of their recent losses, supported by a weaker US dollar. Comex gold gained $53 per troy ounce to an intraday high of $4,111, although it remains on track for a fourth straight weekly decline.

Silver futures advanced nearly $1 per ounce to $59.53 but are still down 11% for the week, putting the metal on track for its steepest weekly decline in three months.

Earlier this week, the yellow metal fell below the $4,000 mark for the first time since mid-November, touching $3,980. Although prices have recovered modestly, gold remains down 11% in June, putting it on track for its biggest monthly decline in more than a decade if the weakness persists through the month.

The precious metal had posted double-digit gains in each of the previous three years, more than doubling in price as central banks, money managers, and retail investors piled into the trade.

Silver, which is more volatile than gold, has fallen 22% so far in June. Since the outbreak of the war in late February, gold has declined 24%, while silver has slumped 38%, reflecting a clear bear-market trend.

Meanwhile, the US dollar eased from its recent highs after the release of the Federal Reserve's preferred inflation gauge on Thursday, making dollar-priced commodities cheaper for holders of other currencies.

The US Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation measure, rose 4.1% in the 12 months through May, broadly in line with analysts' expectations.

Markets are currently pricing in an 80% probability of a Federal Reserve rate hike in December, compared with 85% before the release of the PCE data and 61% before last week's Federal Reserve policy statement, according to CME FedWatch data.

On the other hand, crude oil prices extended their decline, with Brent crude falling to $72 a barrel, its lowest level since February 27, as shipping transits through the Strait of Hormuz accelerated, easing supply concerns that had earlier intensified during the blockade.

MCX gold reclaims ₹1.44 lakh; silver jumps over ₹4,000

The near-month gold futures contract on MCX gained ₹1,657 per 10 grams to touch an intraday high of ₹1,44,784. Silver prices also remained higher, rising ₹4,121 per kilogram and recovering a significant portion of recent losses.

However, silver’s month-to-date losses still stand at 17%, wiping out all the gains recorded in May. From its record high of ₹4,57,328 per kg, the metal has now fallen by nearly ₹1.96 lakh, or about 47%. Gold is down 8% so far in June but remains 5.6% higher on a year-to-date basis.

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