On Wednesday, gold prices on the Multi-Commodity Exchange (MCX) rose, driven by a weaker dollar, a fall in oil prices, and optimism around the US-Iran peace deal. At around 9:30 am, gold’s June futures contracts rose 1.38% to Rs. 1,51,820 per 10 grams on MCX, while Silver’s July futures contracts also advanced 2.66% to Rs. 2,50,815 per kg.
The dollar index declined 0.20%, which makes dollar-backed bullion cheaper for buyers in overseas markets holding different currencies.
Meanwhile, Brent Crude trades at $108.2, down 1.54% for the second consecutive day, while West Texas Intermediate (WTI) stands at $100.7, down 1.54%.
24K gold rose by Rs. 213 to Rs. 1,51,310 per 10 grams. 22K gold advanced by Rs. 195 to Rs. 1,38,700. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,51,310, while Delhi was at Rs. 1,51,440, and Chennai at Rs. 1,53,280.
US gold prices rose more than 1% on Wednesday, fueled by a weaker dollar, while lower oil prices eased inflation fears on hopes of a peace deal between the US and Iran.
Spot gold was up 1.3% at $4,617.19 per ounce. US gold futures for June delivery rose 1.4% to $4,631.30.
Spot silver rose 2.4% to $74.60 per ounce, platinum gained 1.3% to $1,977.25, and palladium was up 1.1% at $1,502.
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Gold gained as "oil prices retreated on reduction in geopolitical risk premium, after the US confirmed that the ongoing fragile ceasefire between Iran is still intact, despite the skirmish that was seen at the start of this week," said Kelvin Wong, a senior market analyst at OANDA.
Internationally, Gold has support at $4,535 and $4,500 while resistance is at $4,622 and $4,681 per troy ounce, and silver has support at $72 and $70, while resistance is at $75.50 and $77.40 per troy ounce.
On MCX, gold has support at Rs. 1,49,100 and Rs. 1,48,400 and resistance is at Rs. 1,50,500 and Rs. 1,51,800, while silver has support at Rs. 2,41,400 and Rs. 2,38,800 and resistance at Rs. 2,48,000 and Rs. 2,51,500.