.png){kind=logo}
Gold prices face a sharp sell-off on Friday as traders book profits amid a stronger US dollar and easing geopolitical concerns. On the Multi Commodity Exchange (MCX), gold April futures slipped around 2%, to Rs. 1,49,396 per 10 grams. The drop reflects profit booking after recent highs. Silver prices also fell, since silver March contracts plunge nearly 6%, to Rs. 2,29,187 per kg.
The price of 24K gold decreased by Rs. 207 in early trade on Friday, with ten grams of the precious metal trading at Rs. 1,52,350.
The price of 22K gold also declined by Rs. 190, with ten grams of the yellow metal selling at Rs. 1,39,650.
The price of ten grams of 24K gold stood at Rs. 1,52,350 in Mumbai and Kolkata and Rs. 1,54,040 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,52,500.
International gold prices also moved lower as the US dollar strengthened against major currencies. US gold futures for April delivery fell close to 2% to around $4,806 per troy ounce. Spot gold prices weakened further during Asian trade as risk appetite remained fragile.
The US dollar index rose around 0.20% and made dollar-denominated gold more expensive for overseas buyers and limiting fresh buying interest.
Market participants cited easing geopolitical tensions as another factor dampening gold's safe-haven appeal.
The US and Iran nuclear negotiations in Oman reduced an immediate geopolitical risk. The selling pressure increased as traders closed their positions before the holiday period in major Asian markets.
Gold prices maintain medium-term support as traders anticipate upcoming US Federal Reserve rate cuts despite current weakness.
Also Read: XRP Prepared for a Big Move? 8-Year Pattern Mirrors Gold’s Historic Rally
On global markets, gold support is seen near $4,770 and $4,640 and resistance lies around $4,955 and $5,050 per ounce.
On MCX, gold has key support at Rs. 1,50,000-Rs. 1,47,700, while resistance is placed at Rs. 1,54,200-Rs. 1,55,800. For silver, immediate support is seen near Rs. 2,25,000, with resistance around Rs. 2,54,000.
Analysts advise traders to stay cautious and wait for price stability since markets await clarity from the RBI’s monetary policy decision. It might keep interest rates unchanged.
