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Gold price on MCX fell amid profit-booking by investors, while continued uncertainty around the US-Iran peace deal kept oil prices higher. Gold’s June futures fell 0.63% at Rs. 1,58,085 per 10 grams. Silver July futures declined 1.72% to Rs. 2,72,009 per kg.
Meanwhile, Brent crude futures rose 2.11% to $98.17 a barrel. US West Texas Intermediate (WTI) rose 5.93% to $91.84 a barrel.
24K gold fell by Rs. 49 to Rs. 1,59,890 per 10 grams. 22K gold fell by Rs. 45 to Rs. 1,45,650. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,59,890, while Delhi was at Rs. 1,59,040, and Chennai at Rs. 1,61,250.
US gold fell on Tuesday as fresh US attacks on Iran pushed oil prices higher, which fueled concerns around inflation and higher interest rates.
Spot gold was down 0.6% at $4,544.33 per ounce. US gold futures for June delivery gained 0.5% to $4,545.60.
Among other metals, spot silver fell 0.8% to $77.42 per ounce, platinum lost 0.5% to $1,958.18, and palladium slid 0.6% to $1,389.68.
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"Even though we have a peace deal that is being done and dusted between the US and Iran, the damage that has been done to Middle East oil production facilities could actually prevent a rapid normalization of oil flows flowing into the rest of the world from the Middle East," said Kelvin Wong, a senior market analyst at OANDA.
"The market has started to price in this situation, showing very high odds of an interest rate hike to come in this year."
Internationally, gold has support at $4,522 and $4,484, while resistance is at $4,610 and $4,640 per troy ounce, and silver has support at $76.60 and $74, while resistance is at $80.40 and $82.80 per troy ounce.
On the MCX, gold has support at Rs. 1,58,200 and Rs. 1,57,700 and resistance is at Rs. 1,59,850 and Rs. 1,60,600, while silver has support at Rs. 2,73,300 and Rs. 2,70,000 and resistance is at Rs. 2,80,000 and Rs. 2,83,350.
