Gold prices on MCX rose on May 2, following gains in global bullion prices amid uncertainty over the US-Iran peace talks. Gold’s June futures rose 0.30% to Rs. 1,59,726 per 10 grams. Silver July futures advanced 0.21% to Rs. 2,66,713 per kg. Meanwhile, Brent crude futures declined 0.73% to $94.29 a barrel. US West Texas Intermediate (WTI) fell 0.81% to $91.41 a barrel.
24K gold rose to Rs. 1,55,860 per 10 grams. 22K gold stands at Rs. 1,43,200. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,55,860, while Delhi was at Rs. 1,56,370, and Chennai at Rs. 1,58,180.
US gold prices rose as investors parsed a partial ceasefire between Hezbollah and Israel and awaited further details on US-Iran negotiations amid growing concerns around inflation and interest rate hikes.
Spot gold was unchanged at $4,484.49 per ounce. US gold futures gained 0.2% to $4,514.30.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 938.03 metric tons on Friday.
Spot silver rose 0.2% to $74.92 per ounce, and platinum gained 0.3 percent to $1,928.65, while palladium fell 0.2% to $1,359.25.
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"At the start of this week, there was a lot of expectation that maybe we'd get a 60-day extension to the ceasefire over the weekend. Instead, it looks like both sides have kind of dug into their red lines and we still don't have a deal," said Ilya Spivak, head of global macro at Tastylive.
"On the upside, the main barrier to break here seems to be right around $4,900. If (gold) confidently re-establishes a foothold of the $5,000 mark, then we'll know that gold is once again re-engaging with its longer-term dynamics," Spivak said.
MCX gold price may face resistance at Rs. 1,59,500-Rs. 1,59,700 levels, while support is seen at Rs. 1,59,000 - Rs. 1,58,700 zone. Resistance for MCX silver price is placed at Rs. 2,68,000 - Rs. 2,69,000 levels, and support is expected to be at Rs. 2,65,000 - Rs. 2,63,000 levels. Investors should pay close attention to these levels before making any investment decisions.