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Gold prices declined on April 9 after posting gains in the previous two sessions. Uncertainty around Strait of Hormuz weighed on investor sentiment. Gold 5th June futures declined 0.41% to Rs. 1,51,155 per 10 grams on Multi-Commodity Exchange. Silver May contract also fell 1.2% to Rs. 2,37,030 per kg.
The price of 24K gold fell by Rs. 234 in early trade with 10 grams of the precious metal trading at Rs. 1,51,480. The price of 22K gold also decreased by Rs. 215 with 10 grams of the yellow metal selling at Rs. 1,38,850.
The price of 10 grams of 24K gold stood at Rs. 1,51,480 in Mumbai and Kolkata and Rs. 1,52,730 in Chennai. In Delhi, the price of 10 grams of 24K gold was Rs. 1,51,630.
US gold prices held steady on Thursday as investors stayed on the sidelines awaiting clearer signals on the US-Iran ceasefire talks ahead of key US inflation data.
Spot gold is trading at $4,715.42 per ounce. US gold futures for June delivery fell 0.8% to $4,739.20.
Among other metals spot silver fell 0.4% to $73.83 per ounce, platinum lost 0.2% to $2,025.75 while palladium firmed 0.3% to $1,559.29.
COMEX gold fell over 1% to trade above $4,700 per ounce after rising 1.5% in the previous two sessions. Meanwhile COMEX silver prices tumbled 3% to $73 per ounce.
XAU/USD holds below its 200-day Simple Moving Average (SMA) on the 4-hour chart and the 50.0% retracement, keeping a bearish bias intact.
The Moving Average Convergence Divergence (MACD) indicator slips into negative territory and the Relative Strength Index (RSI) remains neutral at 52.
The immediate support is seen around $4,604 followed by a further floor near $4,412 and the swing low from earlier close to $4,102, where buyers will be interested.
On the upside immediate resistance is placed at $4,760 followed by the $4,895-$4,914 and a break above this could take the asset toward $4,950.
Also Read: Banque de France Gains €12.8B After Moving Final US-Held Gold to Paris
Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, believes that the geopolitical uncertainties have tended to boost the demand for gold as a hedge.
Kamboj recommended investors scatter their investments rather than make one large purchase, as volatility is likely to persist.
