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Gold prices on MCX rose in early trade backed by a decline in US dollar and lower oil prices. Gold’s June futures rose 0.13% at Rs. 1,57,815 per 10 grams. Silver July futures advanced 0.49% to Rs. 2,71,957 per kg.
Meanwhile, Brent crude futures fell 1.55% to $98.04 a barrel. US West Texas Intermediate (WTI) fell 1.87% to $92.13 a barrel.
24K gold fell by Rs. 60 to Rs. 1,58,290 per 10 grams. 22K gold declined by Rs. 55 to Rs. 1,45,100. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,58,290, while Delhi was at Rs. 1,58,440, and Chennai at Rs. 1,60,680.
US gold edged up on Wednesday, supported by a weaker dollar, as investors looked for signs of progress in peace negotiations between the US-Iran and assessed the US Federal Reserve's monetary policy outlook.
Spot gold rose 0.2% at $4,516.76 per ounce. US gold futures for June delivery gained 0.3% to $4,516.30.
Spot silver rose 0.6% to $77.40 per ounce, platinum was little changed at $1,957.75, and palladium gained 0.9% to $1,391.68.
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"It looks like the overall trend is down, but we're getting these long periods of consolidation, and I think that's sort of what we're looking at here today," said Ilya Spivak, head of global macro at Tastylive.
"The market is increasingly focused on whether we are in fact going to get some kind of a breakthrough in this (US-Iran) story," Spivak added.
Internationally, gold has support at $4,500 and $4,467, while resistance is at $4,574 and $4,600 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $78.80 and $80.40 per troy ounce.
On the MCX, gold has support at Rs. 1,57,700 and resistance is at Rs. 1,59,850 and Rs. 1,60,600, while silver has support at Rs. 2,70,000 and resistance is at Rs. 2,80,000.
