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Gold prices saw sharp volatility in Monday’s morning trade as investors booked profits following last week’s rally. On the Multi Commodity Exchange (MCX) gold April futures declined nearly 0.76% to trade at Rs. 1,54,717 per 10 grams. Silver prices saw steeper losses with March futures plunging Rs. 3.40% to Rs. 2,36,100 per kg.
The correction comes after gold had surged more than 2% in the previous session supported by softer US inflation data and expectations of Federal Reserve rate cuts later this year.
A mild rebound in the US dollar index which rose 0.10% to 97, weighed on bullion prices making gold more expensive for holders of other currencies.
The price of 24K gold decreased by Rs. 131 in early trade on Thursday with ten grams of the precious metal trading at Rs. 1,56,440.
The price of 22K gold also declined by Rs. 120 with ten grams of the yellow metal selling at Rs. 1,43,400.
The price of ten grams of 24K gold stood at Rs. 1,56,440 in Mumbai and Kolkata and Rs. 1,57,530 in Chennai.
In Delhi the price of ten grams of 24K gold stood at Rs. 1,56,590.
Recent US Consumer Price Index (CPI) data showed inflation rising 0.2% in January, compared to 0.3% in December. On an annual basis inflation eased to 2.4% from 2.7% in the previous month.
While the moderation strengthened expectations of policy easing in the second half of 2026, it also caused near-term volatility in precious metals.
Market participants are now awaiting key economic indicators which includes the Federal Open Market Committee (FOMC) minutes, US GDP advance estimates, and the Personal Consumption Expenditures (PCE) inflation report for clearer direction on interest rates.
In international markets, spot gold slipped 0.4% to $5,020 per ounce after registering a 2.5% gain previously.
US gold futures also edged lower to around $5,039 per ounce. Silver prices mirrored the correction, falling to $76.92 per ounce.
Also Read: Gold Price Today: MCX Gold Slides Nearly 2% on Profit Booking as RBI Policy Weigh on Sentiment
On MCX, gold has support at Rs. 1,54,400 and Rs. 1,53,150, while resistance is at Rs. 1,56,800 and Rs. 1,58,200. Silver has support at Rs. 2,38,800 and Rs. 2,32,000 and resistance is at Rs. 2,49,100 and Rs. 2,55,000.
Internationally, gold has support at $5,010 and $4,970 while resistance is at $5,080 and $5,122 per troy ounce. Silver has support at $74.40 and $72 while resistance is at $80 and $82.40 per troy ounce.
