Gold price today: Gold rate declined on the MCX in the morning trade on Friday, 24 April, amid a rise in the US dollar, driven by elevated crude oil prices as the peace deal remains surrounded by uncertainty.
MCX gold June futures were 0.32% down at ₹1,51,280 per 10 grams, while MCX silver May futures were 0.37% down at ₹2,40,610 per kg around 9:30 am.
International gold prices, too, were under pressure, set for their weekly decline, as higher crude oil prices have increased inflationary risks and fanned speculation that interest rates may remain at a higher level for a longer period.
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The U.S. dollar has gained nearly 1% this week, weighing on gold prices. On the other hand, the benchmark 10-year U.S. Treasury yield has risen by more than 2% this week, increasing the opportunity cost of holding gold, a non-yielding asset.
Higher have driven the US dollar and bond yields, amid concerns that the US Federal Reserve will not cut rates over the next 6-8 months.
Brent crude prices have jumped over 17% so far this week and are hovering above $105 a barrel amid the persisting US-Iran conflict despite an extension of the ceasefire.
The , a key waterway through which nearly 20% of global petroleum liquids consumption flows daily, remains largely closed.
US President Donald Trump said on Thursday that he has ordered the military to “shoot and kill” small Iranian boats deploying mines in the Strait of Hormuz.
“The key drag for gold prices remains rising crude prices, which are pushing inflation higher and reinforcing expectations of prolonged high interest rates, reducing the appeal of non-yielding assets like gold,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.
“At the same time, uncertainty around US–Iran talks is keeping volatility elevated, but without clear escalation, gold is witnessing profit booking rather than fresh buying,” Trivedi added.
Gold and silver: Key levels to watch
Gold and silver prices are expected to remain volatile in the near term due to the volatile dollar index, crude oil prices, and uncertainty over the US-Iran peace talks.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,681 and $4,640, while resistance is at $4,755 and $4,790 per troy ounce, and silver has support at $72 and $68, while resistance is at $78 and 80.40 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹1,55,000 and ₹1,49,800 and resistance at ₹1,52,350 and ₹1,53,100, while silver has support at ₹2,38,800 and ₹2,34,000 and resistance at ₹2,45,000 and ₹2,48,500.
“We suggest waiting for some stability in the bullion markets for taking fresh positions,” said Jain.
Trivedi believes support for gold is near ₹1,48,000, while ₹1,55,000 remains a strong resistance zone.
“Overall, gold is expected to stay under pressure with a volatile bias, reacting to crude, dollar, and geopolitical developments,” said Trivedi.
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