On Tuesday, Gold prices on the Multi-Commodity Exchange (MCX) traded modestly higher driven by value buying, but stronger US dollar and continued inflation concerns due to elevated crude oil prices capped gains. At around 9:30 am, gold’s June futures contracts rose 0.09% to Rs. 1,49,471 per 10 grams on MCX, while Silver’s July futures contracts declined 0.26% to Rs. 2,43,263 per kg.
The dollar index rose 0.20% which weighs on gold’s demand as stronger dollar makes the gold expensive for buyers in overseas market holding different currency.
Meanwhile, Brent Crude trades at $113.2 with 1.11% decline after yesterday’s nearly 6% gains. West Texas Intermediate (WTI) stands at $104.3, down 1.95%.
24K gold declined by Rs. 44 to Rs. 1,49,180 per 10 grams. 22K gold backed by Rs. 40 to Rs. 1,36,750. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,49,180, while Delhi was at Rs. 1,49,230, and Chennai at Rs. 1,52,720.
US gold prices on Tuesdayrebounded from over a one-month low, though gains were limited by higher oil prices that kept inflation concerns alive and clouded the US interest rate outlook.
Markets now predict a 37% chance of a interest rates hike by March 2027, compared with 27% expecting a rate cut a week earlier.
Spot gold was up 0.5% at $4,541.39 per ounce, after over 2% fall in the previous session to its lowest level since March 31. US gold futures for June delivery rose 0.4% to $4,550.70.
Spot silver edged 0.4% higher to $73.03 per ounce. Platinum gained 1.3% to $1,970.85. Palladium was up 1.2% at $1,497.91.
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"The broader outlook remains mixed, as geopolitical developments and central bank policy expectations continue to drive volatility, with commodities likely to stay range-bound in the near term," explained Gaurav Garg, research analyst at Lemonn markets desk.
Gold has support at $4,500 and $4,470. While resistance is at $4,574 and $4,610 per troy ounce. Silver has support at $72 and $70. While resistance is at $75.50 and $77.40 per troy ounce.
On the MCX, gold has support at Rs. 1,48,400 and Rs. 1,47,700 and resistance at Rs. 1,50,100 and Rs. 1,50,850, while silver has support at Rs. 2,41,000 and Rs. 2,38,800 and resistance at Rs. 2,46,600 and Rs. 2,50,000.