On Friday, gold prices on the Multi-Commodity Exchange (MCX) rose on strong spot demand and positive global cues, even as the US dollar index rose 0.20% amid a rebound in crude oil prices above $100. At around 9:30 am, gold’s June futures contracts rose 0.39% to Rs. 1,52,855 per 10 grams on MCX, while silver’s July futures contracts also advanced 0.82% to Rs. 2,60,658 per kg.
Gold prices have risen over 10% since the war began in late February, pressured by higher oil prices.
Meanwhile, Brent crude futures were up 1.23% to $101.3 a barrel. US West Texas Intermediate (WTI) gained 1.95% to $96.66 a barrel.
24K gold declined by Rs. 32 to Rs. 1,52,680 per 10 grams. 22K gold fell by Rs. 30 to Rs. 1,39,950. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,52,680, while Delhi was at Rs. 1,52,880, and Chennai at Rs. 1,53,830.
US gold prices traded higher on Friday and are headed for a weekly gain on easing fears of inflation and higher interest rates as investors remained optimistic about a US-Iran peace deal.
Spot gold was up 0.3% at $4,700.80 per ounce. Bullion has gained 1.9% so far this week.
Spot silver rose 0.8% to $79.10 per ounce, platinum gained 0.5% to $2,032.70, and palladium was up 0.1% at $1,482.50.
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"The comments that we've had from the Trump administration this morning that the ceasefire is holding and that there's still lingering optimism that a deal will get done between the U.S. and Iran - that's kind of supporting the gold market for now," said Kyle Rodda, a senior financial market analyst at Capital.com.
Internationally, gold has support at $4664 and $4610, while resistance is at $4740 and $4800 per troy ounce, and silver has support at $78 and $75.50, while resistance is at $82.40 and $84.80 per troy ounce.
On the MCX, gold has support at Rs. 1,51,500 and Rs. 1,50,800 and resistance at Rs. 1,53,150 and Rs. 1,54,000, while silver has support at Rs. 2,55,500 and Rs. 2,51,000 and resistance at Rs. 2,62,000 and Rs. 2,66,600.