Gold prices declined on April 13 amid the failure of the US-Iran ceasefire agreement in Islamabad over the weekend; crude oil prices also witnessed a sharp increase. Gold 5th June futures declined 0.49% to Rs. 1,51,899 per 10 grams on Multi-Commodity Exchange. Silver May contract also fell 1.92% to Rs. 2,38,609 per kg.
The price of 24K gold declined by Rs. 38 in early trade, with 10 grams of the precious metal trading at Rs. 1,52,840. The price of 22K gold also decreased by Rs. 140, with 10 grams of the yellow metal selling at Rs. 1,39,750.
The price of 10 grams of 24K gold stood at Rs. 1,52,840 in Mumbai and Kolkata and Rs. 1,52,460 in Chennai. In Delhi, the price of 10 grams of 24K gold was Rs. 1,52,610.
US gold prices fell close to a one-week low, pressured by a stronger dollar, while a surge in energy prices fueled inflation concerns and weakened expectations for US Federal Reserve interest rate cuts this year.
Spot gold was down 1.1% at $4,694.30 per ounce, its lowest level since April 7. US gold futures for June delivery fell 1.4% to $4,717.80.
Among other metals, spot silver fell 1.9% to $74.45 per ounce, and platinum lost 1.3 per cent to $2,019.35, while palladium gained 0.7% to $1,531.50.
Gold declined due to rising inflation concerns after US-Iran peace talks ended with no resolution, and the US also plans to blockade the Strait of Hormuz.
The US military said it will start the blockade at 10 am Eastern Time on Monday.
Oil and Natural Gas prices surged after this news erupted. US President Donald Trump will ban any vessel that has paid a toll to Iran for safe passage through Hormuz.
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Spot gold is holding above the key support zone of $4,650-$4,600, aligning with recent swing lows, and will likely continue to act as a demand zone. A break below this zone may trigger a correction toward $4,400-$4,300.
On MCX, gold prices hold above Rs. 1,48,000-Rs. 1,46,000, which continues to serve as an important demand zone. A breakdown below this region could extend the decline toward Rs. 1,40,000-Rs.1,36,000, where stronger buying interest is likely to emerge.