Gold price today: Gold rates dropped on the MCX on Friday (15 May) morning amid a stronger US dollar, driven by elevated crude oil prices.
MCX gold June futures were 0.87% down at ₹1,60,562 per 10 grams, while MCX silver July futures were 3.28% down at ₹2,81,551 per kg around 9:05 am.
International gold prices declined to an over one-week low, looking set for a weekly decline, pressured by higher energy prices that aggravated concerns of an inflation spike and longer-term higher interest rates.
The dollar index climbed by 0.30% to 99.10 after crude oil benchmark Brent Crude jumped over 1% to trade above the $107 per barrel level.
Meanwhile, rising Us bond yields also weighed on gold prices. US 10-year Treasury yields jumped to a near-1-year high.
Crude oil prices have been higher for more than two months now. This has raised fears that inflation will surge globally, prompting monetary tightening from major central banks. , a non-yielding asset, tends to remain under pressure in times of elevated interest rates.
The focus remains on developments resulting from the meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Trump is on a two-day visit to China. The meeting between the top leaders of the world’s two biggest economies is widely tracked globally.
are expected to discuss their tarde relations, economic pact, and perhaps the Middle East conflict that has driven energy prices up and threatened to derail the world’s growth-inflation dynamics.
“Gold appears to be on track to fall about 2% for the week, pressured by accelerating US inflation that has raised concerns the US Federal Reserve may keep benchmark interest rates elevated or even hike them,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, noted.
“MCX gold June futures are likely to drop to ₹1,61,500 per 10 grams, and ₹1,62,500 per 10 grams is a cap for intraday today,” said Trivedi.
Experts expect gold and silver prices to remain volatile in the near term due to geopolitical developments.
Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $4,634 and $4,600, while resistance is at $4,722 and $4,770 per troy ounce. Silver has support at $83 and $80, while resistance is at $87.70 and $90 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹1,60,300 and ₹1,59,100 and resistance is at ₹1,63,200 and ₹1,64,400, while silver has support at ₹2,85,500 and ₹2,78,800, and resistance at ₹2,96,600 and ₹3,02,000.
According to Ravi Singh, Chief Research Officer (Research) at Master Capital Services, gold’s crucial support levels have now recalibrated significantly higher, with the first major floor established at ₹1,59,000 and deeper systemic support identified at ₹1,56,000. On the upside, the immediate technical hurdle is pegged at ₹1,65,000.
Singh underscored that momentum indicators, including the RSI, remain in positive territory with sufficient headroom before reaching overbought extremes, suggesting that the path of least resistance remains to the upside as long as the ₹1,59,000 zone holds.
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