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Gold prices mildly eased on the Multi-Commodity Exchange (MCX) amid a weaker US dollar and a fall in crude oil prices. At around 9:30 am, Friday, Gold 5th June futures contract declined 0.03% to Rs. 1,53,105 per 10 grams on MCX, while Silver May futures contract advanced 0.52% to Rs. 2,49,929 per kg.
Oil also fell in early trade, with Brent crude down 1.35% to $98.05 per barrel and WTI dropping 1.74% to $93.40. The rupee opened 25 paise stronger at 92.95 against the dollar.
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The price of 24K gold decreased by Rs. 137, with 10 grams of the precious metal trading at Rs. 1,54,200. The price of 22K gold also advanced by Rs. 125, with 10 grams of the yellow metal selling at Rs. 1,41,350.
City-wise, Mumbai and Kolkata both traded at Rs. 1,54,200, Delhi at Rs. 1,54,350, and Chennai at Rs. 1,56,230.
US gold held largely steady on Friday and was on track for a fourth straight weekly gain, as hopes for a US-Iran peace deal eased fears of higher inflation and elevated interest rates.
Spot gold was unchanged at $4,789.67 per ounce but up 0.9% for the week. US gold futures for June were steady at $4,809.30.
Spot silver eased 0.2% to $78.26 per ounce. Platinum lost 0.5% to $2,075.30, while palladium was up 0.1% at $1,552.91. Both metals were on track for a third straight weekly gain.
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Dr. Anya Petrova, Senior Commodities Strategist at Global Markets Research, explains the current equilibrium: “Gold finds itself in a tug-of-war between competing fundamental forces. On one side, de-escalating geopolitical tensions reduces safe-haven demand. Conversely, structurally higher oil prices maintain inflationary pressures that historically support gold as a store of value. The net result is this tight trading range we’re observing.”
Internationally, gold has support at $4,774 and $4,740, while resistance is at $4,840 and $4,884 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 MCX, gold has support at Rs. 1,52,500 and Rs. 1,51,100, and resistance is at Rs. 1,54,200 and Rs. 1,55,000, while silver has support at Rs. 2,45,500 and Rs. 2,42,000, and resistance is at Rs. 2,51,500 and Rs. 2,55,000.
