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Gold prices retreated in domestic futures trade on Tuesday morning as a firmer US dollar and profit booking after recent gains pressured the precious metal. On Multi Commodity Exchange (MCX) gold April futures declined by nearly 0.60% to Rs.1,60,615 per 10 grams. Silver April futures also weakened and fell 0.40%, to Rs.2,64,327 per kg.
The price of 24K gold increased by just Rs. 1 in early trade with ten grams of the precious metal trading at Rs. 1,61,360.
The price of 22K gold also increased by Rs. 1 with ten grams of the yellow metal selling at Rs. 1,47,910.
The price of ten grams of 24K gold stood at Rs 1,61,360 in Mumbai and Kolkata and Rs 1,62,440 in Chennai.
In Delhi the price of ten grams of 24K gold stood at Rs 1,61,930.
In international markets gold prices slipped from a recent three-week high as US dollar index strengthened by around 0.20% to 97.88. A stronger dollar typically reduces the appeal of dollar-denominated commodities for overseas buyers.
Spot gold fell 1.5% to $5,150.38 per ounce while US gold futures for April delivery were down 1.1% at $5,170.70. Silver prices also corrected sharply. Spot silver dropped 3.1% to $85.50 per ounce after touching a two-week high earlier.
Investors stay watchful of developments between Washington and Tehran with the next round of nuclear discussions reportedly scheduled for February 26.
Renewed trade uncertainty has also emerged after reports that the US administration may invoke Section 232 of the Trade Expansion Act to adjust tariff structures.
Analysts expect continued volatility this week, influenced by currency movements, geopolitical headlines and the reopening of Chinese markets after a holiday break.
Also Read: How to Invest Rs. 1 Lakh in 2026: Stocks, Gold & Silver Allocation Guide
On MCX, gold finds immediate support near Rs. 1,60,600 followed by Rs. 1,58,800. The resistance is seen at Rs. 1,63,300 and Rs. 1,65,000. Silver has support around Rs. 2,61,000 and resistance is placed near Rs. 2,70,000-Rs. 2,78,000.
Internationally gold has support at $5,164 and $5,122 and resistance is at $5,270 and $5,330 per troy ounce. Silver has support at $84 and $81.80 while resistance is at $88 and $92 per troy ounce.
