Gold rate drops on MCX on profit booking as dollar rises; US-Iran talks, CPI data in focus

Gold price today: Gold rate on MCX declined on Friday (April 10) morning due to profit booking amid a strengthening US dollar, as concerns over the US-Iran ceasefire persisted and crude oil prices climbed by a per cent.

MCX gold June futures declined by 0.60% to ₹1,52,561 per 10 grams, while MCX silver May futures dropped by 0.70% to ₹2,42,067 per kg.

The dollar index climbed by 0.10% to 98.93, making the yellow metal expensive for overseas buyers after the US Federal Reserve's preferred inflation gauge- Personal Consumption Expenditures index- increased by 2.8% year-on-year (YoY) in February. Investors now await the US Consumer Price Index data for March, due later in the day.

Brent crude prices climbed by a per cent to trade near $97 per barrel, while WTI crude traded over $98.5 per barrel, keeping the dollar's demand elevated.

The focus is on the US-Iran talks, which are expected to begin in Islamabad, Pakistan, on Friday. According to reports, Vice President JD Vance is set to lead a US delegation in meetings with Iranian officials.

Even though the US and Iran have agreed on a ceasefire, the situation in West Asia remains precarious.

US President Donald Trump has issued a stern warning to Iran against Strait of Hormuz tolls. Meanwhile, Israel's attack on Hezbollah in Lebanon has jeopardised an already fragile US-Iran ceasefire.

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $4770 and $4724, while resistance is at $4840 and $4884 per troy ounce, and silver has support at $74 and $70.70, while resistance is at $78.80 and $80.40 per troy ounce in today’s session.

MCX gold has support at ₹1,51,100 and ₹1,49,800, and resistance is at ₹1,55,000 and ₹1,56,600, while silver has support at ₹2,38,800 and ₹2,34,000 and resistance is at ₹2,47,700 and ₹2,51,000, said Jain.

"We suggest buying gold on dips around ₹1,51,000 with a stop loss below ₹1,49,600 on a closing basis for the target of ₹1,53,800 and buying silver on dips around ₹2,37,000 with a stop loss below ₹2,33,300 on a closing basis for the target of ₹2,45,000," said Jain.

Divya Mandaliya, Commodity Research Analyst at Anand Rathi Share and Stock Brokers, underscored that short-term volatility in gold prices may persist, driven by liquidity pressures, geopolitical developments, and macroeconomic dynamics, but such fluctuations are normal after significant price appreciation.

Structural tailwinds, including ongoing central bank purchases, trade and tariff uncertainties, and broader currency debasement, remain supportive, Mandaliya said.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.