Gold prices dropped on April 7 likely due to profit booking as US dollar index stayed above the 100 level keeping the pressure on gold prices. Brent crude is now above $110 amid renewed aggression from US President Donald Trump against Iran. Gold 5th June futures declined 0.21% to Rs. 1,59,625 per 10 grams on Multi-Commodity Exchange. Silver May contract also declined around 0.70% to Rs. 2,31,800 per kg.
The price of 24K gold dropped by Rs. 82 in early trade with ten grams of precious metal trading at Rs. 1,49,840. The price of 22K gold also declined by Rs. 75, with ten grams of yellow metal selling at Rs. 1,37,350.
The price of ten grams of 24K gold stood at Rs. 1,49,840 in Mumbai and Kolkata and Rs. 1,52,630 in Chennai. In Delhi the price of 10 grams of 24K gold was Rs. 1,49,990.
US gold prices held steady on Tuesday as investors stayed cautious ahead of a deadline set by Trump on reopening Strait of Hormuz.
Spot gold was steady at $4,646.69 per ounce while US gold futures for June delivery fell 0.2% to $4,674.40. Spot silver fell 0.9% to $72.11 per ounce, platinum shed 0.2% to $1,974.66 and palladium lost 0.6% to $1,476.27.
Senior Research Analyst at SMC Global Securities Ravinder Kumar suggested that institutional demand has shown signs of moderation. World Gold Council data suggests central banks purchased around 19 tonnes of gold recently compared to 26 tonnes in 2025. He feels that despite the slowdown central banks still prioritize gold as a key reserve asset.
Kumar also said that a sharp rise in oil prices estimated at around 75% could push global inflation higher. This reinforced gold's traditional role as a hedge. A sustained break above $4,800 could open the path toward $5,100.
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Gold has support at Rs. 1,48,500 and Rs. 1,47,200 on MCX and resistance is at Rs. 1,51,100 and Rs. 1,52,600. Silver has support at Rs. 2,29,200 and Rs. 2,25,000 and resistance at Rs. 2,36,600 and Rs. 2,41,000.
Internationally gold has support at $4,640 and $4,615 while resistance is at $4,720 and $4,770 per troy ounce. Silver has support at $70.70 and $68 while resistance is at $76 and $78.40 per troy ounce.