.png){kind=logo}
On Monday, Gold prices on the Multi-Commodity Exchange (MCX) gained slightly amid a firmer US dollar and elevated oil prices as US-Iran peace talks remain paused. At around 9:30 am, Gold 5th June futures contracts rose 0.2% to Rs. 1,53,000 per 10 grams on MCX, while Silver 5th May futures contracts jumped 0.29% to Rs. 2,45,355 per kg.
West Texas Intermediate (WTI) crude rose around 2.1% to trade near $96.41 per barrel, while Brent crude surged nearly 2.30% to hover close to $107.7 per barrel.
24K gold rose from Rs. 38 to Rs. 1,54,420 per 10 grams. 22K gold advanced by Rs. 35 to Rs. 1,41,550. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,54,420, while Delhi was at Rs. 1,54,570, and Chennai at Rs. 1,55,240.
Gold prices in the US fell on Monday amid a firm dollar, while higher oil prices heightened concerns of inflation and higher interest rates as US-Iran peace talks remained stalled.
Spot gold was down 0.3% at $4,694.26 per ounce. Last week, the metal lost 2.5% after a four-week winning streak. US gold futures for June delivery fell 0.9% to $4,697.60.
Among other metals, spot silver fell 0.3% to $75.48 per ounce, platinum lost 0.3% to $2,005.15, and palladium was down 0.3% at $1,492.22.
Also Read: Is Gold Still a Safe Investment in 2026? Here's What Experts Say
Investors will closely watch the US Federal Reserve's interest rate decision on Wednesday. "It could either be a support to gold or an increased headwind, depending on whether the Fed sort of indicates whether it sees itself potentially keeping policy unchanged for the rest of the year because of the inflationary impacts of the energy crisis," said Kyle Rodda, a senior financial market analyst at Capital.com.
Internationally, gold has support at $4,710 and $4,681, while resistance is at $4,770 and $4,800 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $78 and $80.40 per troy ounce.
On the MCX, gold has support at Rs. 1,51,650 and Rs. 1,50,500 and resistance at Rs. 1,53,800 and Rs. 1,55,000, while silver has support at Rs. 2,41,400 and Rs. 2,38,000 and resistance is at Rs. 2,47,700 and Rs. 2,51,000.
