Gold prices increased on 1st April 2026. Gold rose to its highest level in two weeks, backed by a weaker dollar after US President Donald Trump said the war with Iran could wind down within two to three weeks.
Gold 2nd April futures rose 1.73% to Rs. 1,49,460 per 10 grams on Multi-Commodity Exchange (MCX), while Silver May contract declined 0.33% to Rs. 2,40,086 per kg.
The price of 24K gold increased by Rs. 197 in early trade, with ten grams of precious metal trading at Rs. 1,51,480. The price of 22K gold also rose by Rs. 180, with ten grams of yellow metal selling at Rs. 1,38,850.
The price of ten grams of 24K gold stood at Rs. 1,51,480 in Mumbai and Kolkata and Rs. 1,49,120 in Chennai. In Delhi, the price of 10 grams of 24K gold was Rs. 1,49,690.
Spot gold price rose 0.4% to $4,685.79 per ounce, having hit its highest level since March 20 at $4,723.21.
US gold futures for April delivery gained 0.8% to $4,713.40. Spot silver prices fell 0.8% to $74.53 per ounce. The US dollar fell 0.2%, making dollar-denominated commodities more affordable for holders of other currencies.
Gold prices declined more than 11% in March in their steepest monthly fall since October 2008.
The main reason for the price increase is a geopolitical commentary from Washington to Tehran.
US President Donald Trump said he expects the war with Iran to end within two to three weeks.
He also suggested the Strait of Hormuz reopening could be left to others.
On the other side, Iran also indicated that an end to the conflict could be possible but only on its own terms.
The war anxiety easing weighed on the US dollar. The Bloomberg Dollar Spot Index slightly declined after falling 0.6% in the previous session.
Also Read: Is XAUUSD Good for Beginners? Pros and Cons of Trading Gold
The breakout above the 38.2% Fibonacci retracement level of the March downfall and the 100-day SMA favors the XAU/USD bulls.
The Moving Average Convergence Divergence (MACD) line stays below its signal line and in negative territory, with the histogram extended to the downside.
Meanwhile, the Relative Strength Index (RSI) hovers around 46 after recovering from oversold territory, hinting that bearish momentum is easing.
Hence, waiting to buy beyond the $4,745-$4,750 area (50% retracement level) is advised before positioning for additional gains.
The 38.2% retracement at $4,590.05 emerges as initial support before the $4,500 psychological mark and the $4,400 that aligns with the 23.6% Fib retracement level.
A sustained break below the $4,500 level could drag the index toward $4,136.72.