Gold price today: Gold rate dropped on the MCX on Friday (29 May) amid a stable dollar and expectations of a US Fed rate hike this year, driven by higher oil prices and increased inflationary pressures.
MCX gold June futures were 0.21% down at ₹1,56,600 per 10 grams, while MCX silver July futures were 0.38% down at ₹2,68,500 per kg around 9:10 am.
The dollar index rose by 0.10%, weighing on gold prices after US inflation increased at its fastest pace in three years in April.
The Commerce Department said the US PCE price index rose 3.8% year-on-year in April, the highest since May 2023, bolstering expectations of US Fed rate hikes this year.
Meanwhile, crude oil prices declined further, with benchmark Brent Crude dropping to $92 per barrel amid reports that the US and Iran have reached a deal, awaiting President Donald Trump's approval. Brent Crude looks set for the biggest monthly loss since 2020.
According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, MCX gold June futures may drop to ₹1,56,000 per 10 grams, and ₹1,57,700 per 10 grams is the intraday resistance.
As per Ravi Singh, Chief Research Officer (Research) at Master Capital Services, immediate support is now seen near ₹1,55,200, while the ₹1,54,000 region remains a key level to watch on a closing basis. On the upside, ₹1,58,000 is the immediate resistance, and a sustained move above this level could open the door to a rally towards ₹1,61,000 in the near term.
Manoj Kumar Jain of Prithvifinmart Commodity Research said 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.
MCX gold, as per Jain, has support at ₹1,56,100 and ₹1,55,500 and resistance at ₹1,57,700 and ₹1,58,650, while silver has support at ₹2,65,500 and ₹2,61,000 and resistance at ₹2,74,400 and ₹2,78,000.
"We suggest booking profits in gold and silver long positions on every rise amid weekend sessions and US-Iran peace deal negotiations," said Jain.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. 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.
