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Gold price on MCX rose slightly amid a decline in crude oil prices after US President Donald Trump paused strikes in Iran, which also dragged the US dollar lower. Gold’s June futures declined 0.17% to Rs. 1,59,674 per 10 grams. Silver July futures fell 0.56% to Rs. 2,75,110 per kg.
Meanwhile, Brent crude futures fell 2.07% to $109.8 a barrel. US West Texas Intermediate (WTI) backed 1.60% to $102.7 a barrel.
24K gold rose by Rs. 82 to Rs. 1,57,040 per 10 grams. 22K gold advanced by Rs. 75 to Rs. 1,43,950. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,57,040, while Delhi was at Rs. 1,57,190, and Chennai at Rs. 1,62,220.
US gold held steady on Tuesday as the dollar weakened and crude oil prices fell after US President Donald Trump paused the attack against Iran, easing concerns about inflation.
Spot gold was steady at $4,565.40 per ounce. US gold futures for June delivery gained 0.2% to $4,567.90.
Among other metals, spot silver fell 0.3% to $77.58 per ounce, platinum lost 0.2% to $1,976.15, and palladium dropped 0.6% to $1,409.75.
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"The decline (in gold prices) is technically stretched, and markets don't seem ready to let gold drop into bear territory as the structural case for gold remains intact, helping it find support," said Nikos Tzabouras.
JPMorgan has cut its 2026 average gold price forecast to $5,243 per ounce from $5,708.
Internationally, gold has support at $4,515 and $4,470, while resistance is at $4,600 and $4,640 per troy ounce, and silver has support at $75.50 and $72, while resistance is at $80 and $82.80 per troy ounce.
On the MCX, gold has support at Rs. 1,58,200 and Rs. 1,57,400 and resistance at Rs. 1,60,300 and Rs. 1,61,100, while silver has support at Rs. 2,71,400 and Rs. 2,66,600 and resistance at Rs. 2,80,500 and Rs. 2,86,000.
