On Thursday, Gold prices on the Multi-Commodity Exchange (MCX) rose amid elevated crude oil prices, which reached the level last seen four years ago and as the Federal Reserve maintained the rates. At around 9:30 am, gold’s futures contracts rose 0.18% to Rs. 1,49,316 per 10 grams on MCX, while Silver’s futures contracts advanced 0.56% to Rs. 2,34,502 per kg.
Oil prices extended gains on supply concerns from the key Middle East as production remains bottled up. Brent crude futures for June rose 1.62% to $119.94 a barrel, while US West Texas Intermediate (WTI) futures for June were up 0.59% at $107.51 a barrel.
24K gold rose by Rs. 22 to Rs. 1,50,660 per 10 grams. 22K gold advanced by Rs. 20 to Rs. 1,38,100. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,50,660, while Delhi was at Rs. 1,50,810, and Chennai at Rs. 1,51,640.
US gold prices rebounded on Thursday from a one-month low hit the day before, supported by a softer US dollar, although elevated oil prices kept inflation concerns and interest rate fears alive.
Traders now see a 30% chance of an interest rate hike by March 2027, sharply up from roughly 5% a day prior.
Spot gold was up 0.6% at $4,566.73 per ounce, after falling to its lowest level since March 31 in the previous session.
Spot silver rose 1% to $72.18 per ounce, platinum gained 1.7% to $1,911, and palladium was up 0.9% at $1,470.40.
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"Gold is representing a value proposition for traders at current levels. So, dip buying is playing a part in gold's recovery efforts today," said Tim Waterer, chief market analyst at KCM Trade.
Internationally, gold has support at $4,522 and $4,470, while resistance is at $4,600 and $4,640 per troy ounce, and silver has support at $70 and $68, while resistance is at $74.40 and $76.60 per troy ounce.
On MCX, gold has support at Rs. 1,48,400 and Rs. 1,47,700 and resistance at Rs. 1,49,800 and Rs. 1,50,500, while silver has support at Rs. 2,35,500 and Rs. 2,33,000 and resistance at Rs. 2,41,000 and Rs. 2,44,400.