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On Monday, gold prices on the Multi-Commodity Exchange (MCX) declined amid 0.20% rise in the US dollar, driven by elevated oil prices, which remain above $100. At around 9:30 am, goldโs June futures contracts fell 0.35% to Rs. 1,51,989 per 10 grams on MCX, while silverโs July futures contracts advanced 0.28% to Rs. 2,62,650 per kg.
Meanwhile, Brent crude futures were up โ4.48% to $105.8 a barrel. US West Texas Intermediate (WTI) gained 4.99% to $100.2 โa barrel.
24K gold declined by Rs. 22 to Rs. 1,52,130 per 10 grams. 22K gold fell by Rs. 20 to Rs. 1,39,450. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,52,130, while Delhi was at Rs. 1,52,280, and Chennai at Rs. 1,53,820.
US gold prices fell on Monday, as a lack of progress in US-Iran peace negotiations pushed oil prices higher, fuelling concerns that elevated inflation could keep interest rates higher for longer.
Spot gold fell 0.6% at $4,687.49 per ounce. US gold futures for June delivery lost 0.7% at $4,696.60.
Spot silver was steady at $80.32 per ounce, platinum slid 0.9% to $2,037, and palladium was down 1% at $1,477.23.
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"Weโre essentially seeing an unwinding of hopes for an imminent (peace) deal, and gold is feeling the pinch from the renewed rise in crude prices," said Tim โWaterer, Chief Market Analyst at KCM Trade.
"In the near-to-medium โ term, โthe $4,400 to $4,800 range still looks firmly in play while โwe remain in this ceasefire-without-a-peace-deal stalemate," Waterer added.
Internationally, gold has support at $4,664 and $4,610, while resistance is at $4,740 and $4,800 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. 2,66,600.
