Gold price today: Gold rates were up in early deals on the MCX on Wednesday (27 May), supported by positive global cues amid a decline in the US dollar and a drop in oil prices.
However, persistent uncertainty over a potential US-Iran deal and reports of Israeli attacks in southern Lebanon kept investors cautious, capping the yellow metal’s gains.
MCX June futures were 0.13% up at ₹1,57,815 per 10 grams, while MCX July futures were 0.54% up at ₹2,72,100 per kg around 9:05 am.
The dollar index eased by about 0.10%, while US 10-year bond yields fell by about half a percentage point to 4.47%, boosting investor interest in gold.
Crude fell over 1% as Iran-US peace talks continued despite fresh US strikes in southern Iran.
According to Al Jazeera, Israel’s forces intensified their strikes in southern Lebanon on Tuesday, killing 31 people and injuring 40 others after the US had launched strikes on targets in southern Iran on Monday.
However, a ceasefire announced on April 8 remains in place between the , as the two countries continue talks through intermediaries to resolve their conflict.
Gold prices have been under pressure since the US-Iran war started on 28 February. International gold prices have fallen about 15% since the start of the Middle East conflict, largely due to concerns that higher energy prices will drive up inflation, leading to interest rate hikes.
“Gold stabilised on Wednesday as investors remained cautiously optimistic that the US and Iran could still secure a peace agreement despite renewed tensions in the Middle East,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
MCX gold June may travel in a range from ₹1,56,600 per 10 grams to ₹1,58,100 per 10 grams, said Trivedi.
Ravi Singh, Chief Research Officer (Research) at Master Capital Services, highlighted that the chart shows immediate horizontal support at the 21-day EMA near ₹1,56,500, followed by a stronger systemic floor at ₹1,53,000. On the upside, resistance stands at ₹1,61,000, with a key target at ₹1,63,000.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,500 and $4,467, while resistance is at $4,574 and $4,600 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $78.80 and $80.40 per troy ounce in today’s session.
“We have suggested buying silver last week around ₹2,71,000 and ₹2,67,000 range with a stop loss below ₹2,63,000 for the target of ₹2,81,000 and ₹2,85,000. Those holding long positions as per given recommendations are suggested to strictly maintain given stop loss and book profits around ₹2,75,000 and ₹2,78,000 levels,” said Jain.
“We have also suggested buying gold in the range of ₹1,58,500 and ₹1,57,700 with a stop loss below ₹1,56,650 for the target of ₹1,59,350 and ₹1,60,300. Those holding long positions in the gold are also suggested to book profits around ₹1,59,100 and ₹1,59,500 levels,” said Jain.
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