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Gold price on MCX advanced amid a decline in the US dollar as crude oil prices fell, backed by optimism around the US-Iran peace deal. Gold’s June futures rose 0.42% at Rs. 1,59,339 per 10 grams. Silver July futures gained 1.75% to Rs. 2,76,598 per kg.
Meanwhile, Brent crude futures fell 5.47% to $97.88 a barrel. US West Texas Intermediate (WTI) backed 5.72% to $91.07 a barrel.
24K gold rose by Rs. 32 to Rs. 1,59,380 per 10 grams. 22K gold gained by Rs. 30 to Rs. 1,46,100. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,59,380, while Delhi was at Rs. 1,59,530, and Chennai at Rs. 1,61,240.
US gold prices rose over 1% on Monday, supported by a weaker dollar and lower oil prices. Spot gold rose 1.4% to $4,570.88 per ounce. US gold futures for June delivery gained 1.1% to $4,572.90.
The dollar fell, making greenback-priced bullion cheaper for holders of other currencies. Gold speculators cut net long position by 6,239 contracts to 94,388 in the week to May 19.
Spot silver climbed 3.9% to $78.42 per ounce, platinum rose 1.9% to $1,959.85, and palladium was up 1.9% at $1,373.25.
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"Trump has been raising market hopes for some sort of deal with Iran, which could lead to the reopening of the Strait of Hormuz. That prospect has weighed on oil prices and, by extension, given gold a welcome lift from an inflation perspective," said Tim Waterer, chief market analyst at KCM Trade.
Internationally, gold has support at $4,500 and $4,467, while resistance is at $4,555 and $4,600 per troy ounce, and silver has support at $74.20 and $72, while resistance is at $78.80 and $80.40 per troy ounce.
MCX gold has support at Rs. 1,57,700 and Rs. 1,56,650, and resistance is at Rs. 1,59,850 and Rs. 1,61,100, while silver has support at Rs. 2,70,000 and Rs. 2,65,500 and resistance at Rs. 2,76,000 and Rs. 2,81,000.
