Gold prices on MCX declined amid a stronger US dollar and elevated oil prices as investors remained focused on a potential US-Iran peace deal. Gold’s June futures fell 0.42% to Rs. 1,54,927 per 10 grams. Silver July futures declined 0.16% to Rs. 2,66,650 per kg.
Meanwhile, Brent crude futures rose 2.41% to $93.32 a barrel. US West Texas Intermediate (WTI) advanced 2.78% to $89.79 a barrel.
24K gold fell by Rs. 82 to Rs. 1,56,220 per 10 grams. 22K gold declined by Rs. 75 to Rs. 1,43,200. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,56,220, while Delhi was at Rs. 1,56,370, and Chennai at Rs. 1,58,180.
US gold inched lower on Monday as investors awaited US President Donald Trump's decision on a proposed deal to extend the ceasefire with Iran.
Spot gold was down 0.2% at $4,527.36 per ounce, after rising to a two-week high in the previous session. US gold futures fell 0.8% to $4,558.10.
The dollar advanced, making dollar-backed bullion expensive for holders of other currencies. Gold speculators raised net long positions by 2,544 contracts to 96,931 in the week to May 26.
Spot silver rose 0.4% to $75.54 per ounce, platinum gained 1% to $1,935.65, and palladium rose 1.3% to $1,371.24.
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"Oil's uptick in price, combined with the still-elusive US-Iran deal, is just enough to keep gold off balance at the start of the week," said Tim Waterer, chief market analyst at KCM Trade.
Internationally, gold has support at $4,564 and $4,522, while resistance is at $4,625 and $4,660 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $78.80 and $80.40 per troy ounce.