Gold traded lower on MCX amid a stronger US dollar and elevated crude oil prices. Gold’s June futures declined 0.89% to Rs. 1,60,539 per 10 grams. Silver July futures fell 2.98% to Rs. 2,82,438 per kg.
The dollar index climbed by 0.30% to 99.10 after Brent crude futures gained 1.28% to $107.1 a barrel. US West Texas Intermediate (WTI) advanced 1.38% to $102.80 a barrel.
24K gold declined by Rs. 224 to Rs. 1,60,090 per 10 grams. 22K gold fell by Rs. 205 to Rs. 1,46,750. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,60,090, while Delhi was at Rs. 1,60,240, and Chennai at Rs. 1,63,090.
US gold prices fell to an over one-week low on Friday as higher energy prices fueled inflation fears and prolonged higher interest rates, while investors focused on a meeting between US President Donald Trump and Chinese President Xi Jinping.
Spot gold fell 0.6% to $4,619.49 per ounce. US gold futures for June delivery lost 1.3% to $4,625.70.
Spot silver fell 1.7% to $82.08 per ounce, platinum lost 0.6% to $2,043.25, and palladium was down 0.1% at $1,435.36.
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"Gold is getting hit from all sides - rising oil has brought inflation back to the forefront, pushing yields higher and the dollar stronger, leaving the yellow metal as the unfortunate victim of the market's renewed rate-cut scepticism," said Tim Waterer, chief market analyst at KCM Trade.
Internationally, gold has support at $4,634 and $4,600, while resistance levels are $4,722 and $4,770 per troy ounce. Silver has support at $83 and $80, while resistance is at $87.70 and $90 per troy ounce.
On MCX, gold has support at Rs. 1,60,300 and Rs. 1,59,100 and resistance is at Rs. 1,63,200 and Rs. 1,64,400, while silver has support at Rs. 2,85,500 and Rs. 2,78,800, and resistance at Rs. 2,96,600 and Rs. 3,02,000.