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Gold prices edged lower in early trade on March 11. Traders locked in profits following the previous session’s rally. The decline stayed limited due to geopolitical tensions and a softer US dollar despite the dip.
On Multi Commodity Exchange (MCX) gold April futures fell around 0.5% to Rs. 1,62,638 per 10 grams. Silver May futures dropped nearly 1% to Rs. 2,75,402 per kilogram and it reflects mild selling pressure.
A decline in US dollar helped cushion the fall in gold prices. The dollar index eased to around 98.79. It made gold more attractive for investors holding other currencies.
The price of 24K gold increased by Rs. 93 in early trade with ten grams of precious metal trading at Rs. 1,63,310. The price of 22K gold also advanced by Rs. 85 with ten grams of yellow metal selling at Rs. 1,49,700.
Price of ten grams of 24K gold stood at Rs. 1,63,310 in Mumbai and Kolkata and Rs. 1,64,950 in Chennai. In Delhi price of 10 grams of 24K gold was Rs. 1,63,460.
Market sentiment in the commodity space is still influenced by geopolitical developments, particularly tensions involving the United States, Israel and Iran.
Although Donald Trump suggested earlier that the conflict with Iran could be nearing its end, media reports claim military actions and airstrikes in the region are still ongoing.
At the same time crude oil prices slipped below $90 per barrel and it eased inflation concerns. Lower energy prices tend to reduce inflation expectations which can temporarily cap gains in gold.
Reports also suggest that the International Energy Agency may consider releasing oil from strategic reserves to stabilize global supply if disruptions intensify.
Globally spot gold rose about 0.4% to around $5,213.99 per ounce. It reflects steady demand. However US gold futures for April delivery slipped about 0.4% to $5,221.80 per ounce.
While Spot silver increased 0.6% to $88.89 per ounce platinum advanced about 1% to $2,221.48. Palladium climbed roughly 1.5% to $1,679.73.
Also Read: US Stock Market Today: Wall Street Gains as Oil Drops on G-7 Stockpile Talks Amid Iran War Fears
On MCX, gold has support at Rs. 1,61,800 and Rs. 1,60,350 and resistance at Rs. 1,64,400 and Rs. 1,66,600. Silver has support at Rs. 2,74,000 and Rs. 2,68,800. The resistance is at Rs. 2,81,000 and Rs. 2,85,500.
Internationally gold has support at $5,180 and $5,145 while resistance is at $5,274 and $5,315 per troy ounce. Silver has support at $86.40 and $82.80 while resistance is at $92.40 and $96 per troy ounce.
