Gold price today: Gold rate rose on the MCX on Friday, March 27, morning amid a softer dollar, which seems to have prompted value buying in the yellow metal after the recent decline.
MCX gold June futures jumped by almost 1% to ₹1,43,829 per 10 grams, while MCX silver May contracts rose by nearly 2% to ₹2,23,978 per kg in the morning deals.
The dollar index declined by about 0.10%, making gold slightly cheaper in overseas currencies and influencing its demand.
However, elevated crude oil prices due to persisting uncertainty over the West Asian conflict remain a key challenge for the yellow metal.
Gold prices have witnessed sharp volatility in March amid the US-Iran war. The West Asian conflict has driven crude oil prices significantly higher, leading to a surge in the dollar index and weighing on gold prices.
Domestic spot gold prices have declined nearly 9% so far in March, as per MCX data.
“Gold and silver may see a mild near‑term recovery, but breaking recent highs looks difficult. While supportive geopolitics could underpin sentiment, a firm US dollar is likely to cap strong upside, keeping price movements relatively restrained for now,” said Hareesh V, Head of Commodity Research, Geojit Investments.
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, highlighted that the lack of clarity on the reopening of the Strait of Hormuz keeps underlying risks intact, with crude price risk not off the table.
“The current rise appears to be more of a relief rally and short covering rather than fresh bullish momentum. As long as geopolitical uncertainty and inflation concerns persist, gold is likely to remain volatile. Near-term range for gold is seen between ₹1,35,000– ₹1,55,000,” said Trivedi.
(This is a developing story. Please check back for fresh updates.)
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