Gold price on MCX declined amid a stronger US dollar, elevated oil prices, and concerns that increasing inflation will lead to rate hikes globally. Gold’s June futures fell 0.21% at Rs. 1,59,272 per 10 grams. Silver July futures fell 0.2% to Rs. 2,73,328 per kg.
Meanwhile, Brent crude futures rose 1.21% to $103.8 a barrel. US West Texas Intermediate (WTI) advanced 0.64% to $96.97 a barrel.
24K gold declined by Rs. 44 to Rs. 1,59,490 per 10 grams. 22K gold backed by Rs. 40 to Rs. 1,46,200. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,59,490, while Delhi was at Rs. 1,59,640, and Chennai at Rs. 1,61,240.
US gold edged lower on Friday, on track for its second consecutive weekly loss, as higher oil prices, rising concerns around inflation, and hawkish interest rates weighed on the metal.
Spot gold fell 0.2% at $4,534.29 per ounce. US gold futures for June delivery lost 0.1% to $4,535.60.
Spot silver fell 0.5% to $76.32 per ounce, platinum lost 0.3% to $1,959.20, and palladium was steady at $1,377.89.
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"What's been driving (gold) lower has been the stronger dollar, which in turn is being elevated by ongoing high interest rates pretty much around the world," said Edward Meir, an analyst at Marex.
Internationally, gold has support at $4,510 and $4,467, while resistance is at $4,580 and $4,615 per troy ounce. Silver has support at $74.20 and $72, while resistance is at $79.10 and $81.20 per troy ounce.
On the MCX, gold has support at Rs. 1,58,800 and Rs. 1,58,000 and resistance at Rs. 1,60,350 and Rs. 1,61,100, while silver has support at Rs. 2,70,700 and Rs. 2,66,600 and resistance at Rs. 2,79,100 and Rs. 2,83,350.