On Tuesday, Gold prices declined on the Multi-Commodity Exchange (MCX) amid profit booking and a stronger US dollar, while continued US-Iran tensions weighed on bullion prices. At around 9:30 am, Gold 5th June futures contract declined 0.08% to Rs. 1,53,815 per 10 grams on MCX, while Silver May futures contract slipped 0.65% to Rs. 2,50,910 per kg.
Oil prices eased slightly today as hopes of upcoming peace talks between US-Iran raised expectations of improved oil supply through the Strait of Hormuz. Brent futures declined 1% to $94.53. US West Texas Intermediate (WTI) crude futures for May fell 1.72% to $88.07.
24K gold fell to Rs. 1,54,190 per 10 grams. 22K gold declined to Rs. 1,41,340. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,54,190, while Delhi was at Rs. 1,54,340, and Chennai at Rs. 1,55,010.
US gold prices were largely steady on Tuesday after prices dropped to a one-week low in the previous session, as investors looked for cues regarding US-Iran peace talks.
Spot gold remained flat at $4,820.84 per ounce, after falling in the previous session. US gold futures for June delivery rose 0.3% to $4,841.20.
Among other metals, spot silver fell 0.1% to $79.82 per ounce, platinum lost 0.1% to $2,087.15, while palladium was up 0.8% at $1,564.48.
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According to CME Group, the probability of keeping the interest rate at 3.50-3.75% in April stands at 99.5%. This may limit the upside potential of gold prices.
Internationally, gold support can be seen at $4,788 and $4,740, while resistance is at $4,864 and $4,910 per troy ounce, and silver has support at $78.40 and $76.60, while resistance is at $82 and $84.40 per troy ounce.
On the MCX, gold has support at Rs. 1,52,800 and Rs. 1,51,500 and resistance at Rs. 1,54,850 and Rs. 1,55,500, while silver has support at Rs. 2,50,000 and Rs. 2,46,600 and resistance is at Rs. 2,56,000 and Rs. 2,59,100.