Gold Price Today: Rebound in dollar index pushes gold prices down by Rs 150/10 g

Gold and silver witnessed profit taking amid a rebound in the dollar index. Gold June futures contracts at MCX opened lower by 0.15% or Rs 148 at Rs 96,020/10 grams. Along with this, silver July futures contracts also opened lower by Rs 376 or 0.39% at Rs 96,136/kg.

On Thursday, gold and silver settled on a negative note in the domestic market. After witnessing profit booking in Thursday’s trading session, the Gold June futures contract settled at Rs 96,168 per 10 grams while silver July futures contract settled at Rs 96,512 per kilogram.

“Gold and silver witnessed profit taking on Thursday amid a rebound in the dollar index along with the US-UK trade deal agreement. Gold prices have tumbled almost 4% in the last two days to $3,311, breaching key support levels and triggering technical selling pressure,” noted Rahul Kalantri, VP Commodities at Mehta Equities.

He also stated that the US Dollar Index jumped 0.85% to 100.71, making gold costlier for holders of other currencies. Further, the Fed held rates unchanged, while Powell’s cautious stance on rate cuts pushed treasury yields higher.

Still, strong central bank demand from China, Poland, and the Czech Republic in April offered a cushion. In India, a weakening rupee lent further support to bullion.

Today, the US Dollar Index, DXY, was hovering near the 100.66 mark, gaining 0.02 or 0.02%.

How to trade gold?

Rahul Kalantri noted that at MCX, gold has support at Rs 95,550-94,980 while resistance is at Rs 96,650-97,040. Silver has support at Rs 95,380-94,550 and resistance is at Rs 97,250-97,950.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,208/8 grams while pure gold (24 carat) prices stand at Rs 60,968/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 56,920/8 grams while pure gold (24 carat) prices stand at Rs 60,656/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 57,000/8 grams while pure gold (24 carat) prices stand at Rs 60,760/8 grams.

Also reads: MCX shares fall by nearly 7% after reporting Q4 results

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,928/8 grams while pure gold (24 carat) prices stand at Rs 60,744/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)