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On Thursday, Gold prices on the Multi-Commodity Exchange (MCX) fell in early trade as the US dollar climbed 0.15% and oil prices remained elevated following reports of fresh tensions between the US and Iran. At around 9:10 am, Gold June futures contracts declined 0.50% to Rs. 1,51,947 per 10 grams on MCX, while Silver May futures contracts dipped around 2% to Rs. 2,48,856 per kg.
Brent crude oil prices advanced 1.81% to $103.8 a barrel. West Texas Intermediate (WTI) futures edged up 2.03% to $94.85.
Despite the mid-week recovery, gold has declined nearly 11% since the start of the US-Iran conflict on February 28.
24K gold fell Rs. 120 to Rs. 1,53,550 per 10 grams. 22K gold declined by Rs. 110 to Rs. 1,40,750. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,53,550, while Delhi was at Rs. 1,53,700, and Chennai at Rs. 1,49,630.
US gold prices were largely steady as investors sought clarity on potential peace talks between the United States and Iran after fresh signs of strain.
Spot gold was up 0.1% at $4,744.31 per ounce. US gold futures for June delivery gained 0.2% to $4,762.20.
Among other metals, spot silver rose 0.5% to $78.06 per ounce, platinum gained 0.3% to $2,080.35, and palladium was up 0.4% at $1,553.01.
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“Gold is seeing a bit of a reprieve as rates along the curve dropped here and in the hope that the Strait of Hormuz business gets worked out after Donald Trump's statements. But the situation is very tenuous and uncertain,” Bart Melek, global head of commodity strategy at TD Securities, told Reuters.
Internationally, gold has support at $4,720 and $4,681, while resistance is at $4,785 and $4,818 per troy ounce, and silver has support at $76 and $74, while resistance is at $79.80 and $81.40 per troy ounce.
On MCX, gold has support at Rs. 1,51,500 and Rs. 1,50,650 and resistance at Rs. 1,53,650 and Rs. 1,54,700, while silver has support at Rs. 2,45,500 and Rs. 2,42,000 and resistance at Rs. 2,51,200 and Rs. 2,54,800.
