Gold price today: Gold rate traded on the MCX on Monday (27 April) morning due to profit booking as investors’ focus remained on progress in US-Iran peace talks while crude oil prices jumped over 1%.
However, a slight downtick in the US dollar supported the yellow metal. Lower dollar makes greenback-backed gold cheaper for buyers in overseas currencies.
MCX June contracts were 0.12% up at ₹1,52,877 per 10 grams, while MCX May contracts were flat at ₹2,44,650 per kg around 9:10 am.
The dollar index declined by 0.10% during the session even as prices jumped over 1% to trade above the $106 per barrel level.
In the previous session, gold June futures contract ended at ₹1,52,699 per 10 grams, rising about 0.60% and silver May futures contract closed at ₹2,44,636 per kilogram, gaining over 1%.
The US-Iran war, which began on 28 February, is completing two months and despite a ceasefire between the two countries, the bones of contentions between them remain unsettled.
According to reports, Abbas Araghchi said on Telegram that he met with Pakistan’s Field Marshal Asim Munir Saturday morning in Islamabad and explained Iran’s views on ending the war with the U.S.
Reports also suggested that the US President Donald Trump cancelled a planned trip by top envoys to resume negotiations with Iran in Islamabad, while Tehran continues its stance of not engaging in talks under threats or blockade.
Meanwhile, traded blame over ceasefire violations in Lebanon, with Prime Minister Benjamin Netanyahu saying the military was “vigorously” targeting the Iran-backed militia.
As attempts to revive US–Iran peace negotiations falter and the Strait of Hormuz remains effectively closed, concerns over sustained inflationary pressures have risen significantly, dimming the prospects of interest rate reductions by the US Federal Reserve in the near future.
The US Fed’s policy outcome is due to April 29.
Gold prices have given negative returns over the last two months. As per MCX data, domestic spot gold prices have declined more than 5% since the US-Iran war started. However, year-to-date, the yellow metal is up 13% after a stellar 75% return in 2025.
Jigar Trivedi, Senior Research Analyst at IndusInd Securities, expects MCX gold June futures to appreciate to ₹1,53,000 per 10 grams on Monday.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,710 and $4,681 while resistance at $4,770 and $4,800 per troy ounce and silver has support at $74.40 and $72, while resistance is at $78 and $80.40 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹1,51,650 and ₹1,50,500 and resistance at ₹1,53,800 and ₹1,55,000, while silver has support at ₹2,41,400 and ₹2,38,000 and resistance is at ₹2,47,700 and ₹2,51,000.
“We suggest buying gold on dips until it holds ₹1,48,800 on a closing basis for the upside targets of ₹1,53,800 and ₹1,55,000 and buying silver until it holds ₹2,35,000 on a closing basis for the targets of ₹2,48,000 and ₹2,51,000,” said Jain.
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