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On Monday, Gold prices on the Multi-Commodity Exchange (MCX) declined amid a rise in the US dollar and continued concerns about inflation due to elevated crude oil prices. At around 9:30 am, gold’s June futures contracts fell 0.23% to Rs. 1,51,005 per 10 grams on MCX, while Silver’s July futures contracts declined 0.15% to Rs. 2,50,663 per kg.
The dollar index rose slightly by 0.06% as crude oil prices eased after US President Donald Trump announced to begin efforts to free up ships stranded in the Strait of Hormuz. However, oil prices remain above $100 amid a lack of progress in US-Iran peace talks.
24K gold declined by Rs. 10 to Rs. 1,50,920 per 10 grams. 22K gold backed by Rs. 10 to Rs. 1,38,340. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,50,920, while Delhi was at Rs. 1,51,130, and Chennai at Rs. 1,52,720.
US gold prices fell on Monday, weighed down by inflation concerns that clouded the US monetary policy outlook, while markets awaited developments in US-Iran peace talks.
Spot gold was down 0.3% at $4,599.45 per ounce. US gold futures for June delivery fell 0.7% to $4,611.40.
Spot silver edged 0.1% higher to $75.38 per ounce, platinum gained 0.2% to $1,991.85, and palladium was down 0.3% at $1,519.66.
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"Gold is still feeling the lingering effects of last week's hawkish Fed messaging, particularly the notable dissenting voices pushing back against further easing," said Tim Waterer, chief market analyst at KCM Trade.
Internationally, gold has support at $4,632 and $4,600, while resistance is at $4,700 and $4,740 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $78.80 and $80.40 per troy ounce.
On MCX, gold has support at Rs. 1,50,650 and Rs. 1,49,800, while resistance may be at Rs. 1,52,200 and Rs. 1,53,100. MCX silver has support at Rs. 2,47,700 and Rs. 2,44,400 and resistance at Rs. 2,54,000 and Rs. 2,58,000.
