On Thursday, gold prices on the Multi-Commodity Exchange (MCX) rose, driven by a weaker dollar, a fall in oil prices, and clarity on a potential US-Iran peace deal. At around 9:30 am, gold’s June futures contracts rose 0.27% to Rs. 1,52,545 per 10 grams on MCX, while silver’s July futures contracts also advanced 0.82% to Rs. 2,55,351 per kg.
The dollar edged down 0.1%, making dollar-backed bullion cheaper for buyers in overseas markets using different currencies.
Meanwhile, Brent crude futures were up 0.9% to $102.15 a barrel. US West Texas Intermediate (WTI) gained 1.2% to $96.20 a barrel. Both benchmarks fell over 7% on Wednesday, hitting two-week lows.
24K gold rose by Rs. 33 to Rs. 1,52,460 per 10 grams. 22K gold advanced by Rs. 30 to Rs. 1,39,750. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,52,460, while Delhi was at Rs. 1,52,390, and Chennai at Rs. 1,53,830.
US gold prices rose for a third straight session on Thursday, supported by a softer dollar as hopes grew for a potential peace deal between the United States and Iran.
Spot gold was up 0.3% at $4,701.19 per ounce. US gold futures for June delivery rose 0.4% to $4,710.
Spot silver rose 0.5% to $77.68 per ounce, platinum was steady at $2,060.18, and palladium was down 0.1% at $1,536.54.
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"I think most markets overreacted as (the deal) is still a work in progress, and anything could unravel. Nevertheless, we saw enough dollar weakness to propel gold prices higher. Lower Treasury yields also boosted gold," said Edward Meir, an analyst at Marex.
Internationally, gold has support at $4,634 and $4,580 while resistance is at $4,740 and $4,800 per troy ounce. Silver has support at $75.50 and $72.40, while resistance is at $80 and 82.40 per troy ounce.
On MCX, gold has support at Rs. 1,51,500 and Rs. 1,50,700 and resistance at Rs. 1,53,150 and Rs. 1,54,200, while silver has support at Rs. 2,49,100 and Rs. 2,45,500 and resistance at Rs. 2,58,000 and Rs. 2,61,000.