On Thursday, Gold prices on the Multi-Commodity Exchange (MCX) declined in early trade as the US dollar climbed and oil prices remained elevated amid uncertainty around the US-Iran conflict. At around 9:15 am, Gold June futures contracts declined 0.32% to Rs. 1,51,280 per 10 grams on MCX, while Silver May futures contracts dipped around 0.47% to Rs. 2,40,373 per kg.
Brent crude futures climbed $1.23 or 1.17% to $106.3 per barrel, while West Texas Intermediate (WTI) futures advanced $1.07 or 1.12% to $96.92.
The 10-year US Treasury yield benchmark gained over 2% this week, increasing the opportunity cost to hold non-yielding bullion.
24K gold fell Rs. 10 to Rs. 1,53,540 per 10 grams. 22K gold declined by Rs. 10 to Rs. 1,40,740. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,53,540, while Delhi was at Rs. 1,53,690, and Chennai at Rs. 1,54,470.
US gold held steady on Friday but was on track for a weekly drop as elevated oil prices supported fears of inflation amid stagnant US-Iran peace talks.
Spot gold was up 0.1% at $4,697 per ounce. The metal is down 2.6% so far this week. US gold futures for June delivery fell 0.2% to $4,712.50.
Among other metals, spot silver fell 0.1% to $75.36 per ounce, platinum lost 0.5% to $1,996.13, while palladium was steady at $1,468.50
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"Gold is still being trapped in this sideways range, between the 50-day moving average at around $4,900 and at the bottom, the 20-day moving average at the $4,645 level," said Kelvin Wong, a senior market analyst at OANDA, adding that "everything now boils down to what's going on in the Middle East."
Internationally, gold has support at $4,681 and $4,640, while resistance is at $4,755 and $4,790 per troy ounce. Silver has support at $72 and $68, while resistance is at $78 and 80.40 per troy ounce.
On the MCX, Jain said gold has support at Rs. 1,55,000 and Rs. 1,49,800 and resistance at Rs. 1,52,350 and Rs. 1,53,100, while silver has support at Rs. 2,38,800 and Rs. 2,34,000 and resistance at Rs. 2,45,000 and Rs. 2,48,500.