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The Multi-Commodity Exchange will remain closed for the morning session today on account of Dr. Ambedkar Babasaheb Jayanti. Gold 5th June futures closed the previous session 0.06% down to Rs. 1,51,983 per 10 grams on Multi-Commodity Exchange. Silver 5th May contract also fell 1.14% to Rs. 2,40,499 per kg.
A US naval blockade of the Strait of Hormuz started today. Oil dropped anyway. $97.70
The price of 24K gold increased by Rs. 147, with 10 grams of the precious metal trading at Rs. 1,53,930. The price of 22K gold also advanced by Rs. 135, with 10 grams of the yellow metal selling at Rs. 1,41,100.
The price of 10 grams of 24K gold stood at Rs. 1,53,930 in Mumbai and Kolkata. Chennai traded higher at Rs. 1,55,130, while Delhi came in at Rs. 1,42,200.
While a drop in oil prices eased concerns over inflation. The expectations of US interest rates to remain higher for longer.
Spot gold was up 0.6% at $4,769.52 per ounce. US gold futures for June delivery rose 0.6% to $4,793.40.
Spot silver rose 0.5% to $75.94 per ounce. Platinum gained 0.8% to $2,087.80. Palladium was up 0.5% to $1,581.48.
Also Read: Is Gold Still a Safe Investment in 2026? Here's What Experts Say
Strength above the 50% Fib level could be seen as a trigger for XAU/USD bulls.
Gold, however, remains capped below its 200-day Simple Moving Average (SMA) near $4,850.
The Relative Strength Index (RSI) near 57 tilts towards a mild bullish tone. Downside pressure is fading.
The immediate resistance is seen around $4,855. Followed by the 61.8% Fib level at $4,913. A break above this would open the way toward $5,133.
On the downside, immediate support is seen near $4,759. A break below this would expose the broader metal toward $4,604, followed by $4,400.
