Gold prices declined on 30 March 2026. The surge comes amid rising crude oil prices, denting the US Fed rate cut optimism on inflation fears. Crude oil prices have surged t0 $115 per barrel.
Gold 2nd April futures backed 0.68% to Rs. 1,43,300 per 10 grams on Multi-Commodity Exchange (MCX), while Silver May contract declined 0.77% to Rs. 2,26,190 per kg.
Continued geopolitical tensions in West Asia remain the key reason weighing on the Bullion prices.
The price of 24K gold decreased by Rs. 81 in early trade, with ten grams of precious metal trading at Rs. 1,47,280. The price of 22K gold also declined by Rs. 75, with ten grams of yellow metal selling at Rs. 1,35,000.
The price of ten grams of 24K gold stood at Rs. 1,47,280 in Mumbai and Kolkata, and Rs. 1,49,010 in Chennai. In Delhi, the price of 10 grams of 24K gold was Rs. 1,47,430.
US gold prices fell over 1% on Monday, as a surge in energy prices fueled inflation concerns and reduced expectations for US Federal Reserve interest rate cuts this year.
Gold has lost around 16% so far this month, marking its steepest monthly fall since October 2008, as the US dollar has gained more than 2% since the US-Israel war on Iran began on February 28.
Spot gold fell 1.2% to $4,439.45 per ounce. US gold futures for April delivery shed 1.2% to $4,470.30.
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The short-term projection is bearish, given that the price activity has yet to recover out of the 100-day Simple Moving Average (SMA) at $4,633.
Although the overall upward trend remains intact, with the rising 100- and 200-day SMAs showing support of the trend, short-term sellers have a firm hold on the price as they squeeze it between the $4,400 and $4,630.
Such a bearish case is also supported by the Bear Cross between the 21-day and 50-day SMAs that was going to be confirmed on March 25,2026, and it is still one of the major structural headwinds to any recovery efforts.
The Relative Strength Index (RSI) is at 34.76, indicating that the momentum is biased towards the negative side.
To change the negative momentum, the gold price must break the immediate resistance at $4,500 and then decisively close above the 100-day SMA at $4,630.
On the other hand, the primary support will be the 200-day SMA at $4,122 in case the price cannot withstand the first support at the last low price of $4,375.