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Gold prices declined on April 10 after investors booked profits amid a stronger US dollar and uncertainty around the US-Iran ceasefire agreement. Gold 5th June futures declined 0.42% to Rs. 1,52,810 per 10 grams on Multi-Commodity Exchange. Silver May contract also fell 0.44% to Rs. 2,42,684 per kg.
The US dollar index jumped 0.10% to 98.93, making gold expensive for overseas buyers. Oil prices also supported the stronger dollar as Brent crude increased 1% to $97 per barrel.
The price of 24K gold increased by Rs. 152 in early trade, with 10 grams of the precious metal trading at Rs. 1,53,000. The price of 22K gold also increased by Rs. 140, with 10 grams of the yellow metal selling at Rs. 1,40,250.
The price of 10 grams of 24K gold stood at Rs. 1,53,000 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 edged lower on Friday as the dollar firmed. Spot gold was down 0.2% at $4,755.84 per ounce. The metal, however, has gained 1.8% so far this week. US gold futures for June delivery fell 0.8% to $4,779.20.
Spot gold has fallen about 10% since the US conflict with Iran on February 28. Reflecting sharp swings in investor sentiment during the ongoing crisis.
Among other metals, spot silver rose 0.1% to $75.11 per ounce. Platinum lost 1.2% to $2,077.67, and palladium fell 1.1% to $1,540.03.
Also Read: Banque de France Gains €12.8B After Moving Final US-Held Gold to Paris.
Internationally, gold has support at $4,770 and $4,730, while resistance is at $4,850 and $4,880 per troy ounce. Silver has support at $74 and $70.70, while resistance is at $78.80 and $80.40 per troy ounce.
On MCX, gold has support at Rs. 1,51,100 and Rs. 1,49,800, and resistance is at Rs. 1,55,000 and Rs. 1,56,600, while silver has support at Rs. 2,38,800 and Rs. 2,34,000, and resistance is at Rs. 2,47,700 and Rs. 2,51,000, said Jain.
