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On Monday, Gold prices declined on the Multi-Commodity Exchange (MCX) amid a rise in the US dollar, supported by increase in crude oil prices. At around 9:30 am, Gold 5th June futures contract declined 1.11% to Rs. 1,52,894 per 10 grams on MCX, while Silver May futures contract backed 1.85% to Rs. 2,52,390 per kg.
Iran's closure of the Strait of Hormuz sent oil prices sharply higher. Brent crude jumped over 6% to $95.89 per barrel. WTI surged 7.49% to $90.13.
24K gold fell Rs. 49 to Rs. 1,55,290 per 10 grams. 22K gold added Rs. 45 to Rs. 1,42,350. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,55,290, while Delhi was at Rs. 1,55,440, and Chennai at Rs. 1,56,230.
US gold slipped over 1% on Monday. A stronger dollar weighed on prices while stalled US-Iran peace talks pushed oil higher and brought inflation fears back into the picture.
Spot gold was down 1.4% to $4,762.09. June futures dropped 2% to $4,781.90.
Among other metals, spot silver fell 1.7% to $79.42 per ounce, platinum lost 0.8% to $2,086, and palladium was down 0.8% to $1,547.10.
Also Read: Is Gold Still a Safe Investment in 2026? Here's What Experts Say
Internationally, gold has support at $4,840 and $4,770, while resistance is at $4,910 and $4,955 per troy ounce, and silver has support at $78.80 and $76.60, while resistance is at $84 and $86.20 per troy ounce.
On the MCX, gold has support at Rs. 1,53,350 and Rs. 1,52,000, and resistance at Rs. 1,55,500 and Rs. 1,56,800, while silver has support at Rs. 2,53,000 and Rs. 2,48,800, and resistance at Rs. 2,61,000 and Rs. 2,66,000.
