Gold prices on MCX declined amid a stable US dollar and expectations of a US Fed rate hike this year, driven by higher oil prices and increased inflationary pressures. Gold’s June futures fell 0.21% to Rs. 1,56,500 per 10 grams. Silver July futures advanced 0.22% to Rs. 2,68,950 per kg.
Meanwhile, Brent crude futures fell 1.17% to $92.61 a barrel. US West Texas Intermediate (WTI) advanced 1.27% to $87.77 a barrel.
24K gold rose by Rs. 168 to Rs. 1,57,640 per 10 grams. 22K gold advanced by Rs. 145 to Rs. 1,44,500. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,57,640, while Delhi was at Rs. 1,57,790, and Chennai at Rs. 1,59,280.
Spot gold prices inched higher on Friday as investors assessed a US-Iran ceasefire deal amid growing concerns around inflation and US interest rate hikes.
Spot gold was up 0.4% at $4,512.79 per ounce. US gold futures rose 0.2% to $4,543.10.
Bullion fell to a two-month low on Thursday before closing higher on reports of a US-Iran ceasefire extension.
Spot silver rose 0.7% to $76.17 per ounce, platinum gained 0.2% to $1,926.18, and palladium rose 0.9% to $1,380.94.
Also Read: Tokenized Gold Dominates Commodities as Treasuries Accelerate Growth in the RWAs Market
"Yesterday, we saw gold went down to $4,360 and was likely to go down further until the (ceasefire) announcement came, due to which we suddenly saw the reversal of prices. This is where the market continues to be this morning," said GoldSilver Central Managing Director Brian Lan.
Internationally, gold has support at $4,500 and $4,467, while resistance is at $4,574 and $4,600 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $78.80 and $80.40 per troy ounce.
On MCX, gold has support at Rs. 1,56,100 and Rs. 1,55,500 and resistance at Rs. 1,57,700 and Rs. 1,58,650, while silver has support at Rs. 2,65,500 and Rs. 2,61,000 and resistance at Rs. 2,74,400 and Rs. 2,78,000.