Commodity Market Wrap-Up – June 2, 2025
On June 2, 2025, the commodity markets exhibited mixed trends, influenced by global economic cues, geopolitical developments, and supply-demand dynamics. Here’s a comprehensive overview of the day’s performance across key commodities:
🟡 Gold: Modest Uptick Amid Global Uncertainties
- Price Movement: Gold prices in India witnessed a slight increase. The 24-carat gold rate stood at ₹9,764 per gram, up by ₹33 from the previous day.
- Market Insight: The uptick in gold prices is attributed to ongoing geopolitical tensions and fluctuating US-China trade negotiations, which have fueled volatility in the precious metals market.
- Technical Outlook: Gold is currently consolidating, with immediate support at ₹9,700 and resistance at ₹9,800.
⚪ Silver: Prices Steady Amid Market Caution
- Price Movement: Silver prices in India remained stable, trading at ₹94.6 per gram or ₹94,600 per kilogram.
- Market Insight: The steadiness in silver prices reflects cautious investor sentiment amid global economic uncertainties and currency fluctuations.
- Technical Outlook: Silver faces immediate resistance at ₹95,500, with support at ₹94,000.
🛢️ Crude Oil: Prices Decline on OPEC+ Output Decision
- Price Movement: Crude oil prices in India declined to ₹5,202 per barrel, witnessing a downward trend of 0.38%.
- Market Insight: The decrease in oil prices is driven by OPEC+’s decision to maintain output levels amid tepid Asian oil demand, leading to concerns over potential oversupply.
- Technical Outlook: Crude oil is exhibiting bearish momentum, with resistance at ₹5,300 and support at ₹5,100.
🔵 Natural Gas: Prices Dip Following Government Price Cut
- Price Movement: Natural gas prices experienced a decline, with the government reducing the price from USD 6.75 to USD 6.41 per million British thermal units (mmBtu).
- Market Insight: The price cut reflects a decrease in benchmark rates and is expected to lower costs for consumers of CNG and PNG.
- Technical Outlook: Natural gas faces resistance at ₹320, with support at ₹300.
🌐 Global Cues Impacting Commodity Markets
- Economic Indicators: Global markets are reacting to recent policy decisions, including tariff changes and central bank announcements, which are influencing commodity prices.
- Geopolitical Developments: Ongoing geopolitical tensions and decisions by major economies are contributing to market volatility, particularly in energy commodities.
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