Gold rate slips on MCX due to profit booking; geopolitical tensions, dollar's weakness limit losses
MCX gold April futures declined about half a per cent to ₹1,62,638 per 10 grams, while MCX silver May futures dropped nearly 1% to ₹2,75,402 per kg in early deals.
Gold price today: Gold rate slipped on the MCX on Wednesday (March 11) morning, largely due to profit booking. However, geopolitical uncertainties and the dollar's weakness capped losses for the yellow metal. MCX gold April futures declined about half a per cent to ₹1,62,638 per 10 grams, while MCX silver May futures dropped nearly 1% to ₹2,75,402 per kg in early deals.
In the previous session, the MCX gold April futures contract settled at ₹1,63,303 per 10 grams, rising almost 2% and the silver May futures contract settled at ₹2,77,850 per kilogram, gaining 4%.
The dollar index slightly eased to 98.79, making gold cheaper in overseas currencies.
Investors are booking profits amid conflicting signals about the US-Iran war. While US President Donald Trump earlier said the war could be nearing its end, media reports suggest the US and Israel continue their intense airstrikes on Iran.
Meanwhile, crude oil prices fell below $90 per barrel, easing concerns over an inflation flare-up, which is negative for gold, seen as a hedge against inflation.
According to media reports, the International Energy Agency has suggested the largest-ever release of oil from strategic reserves to meet oil demand amid supply disruptions.
Experts recommend buying gold on dips as the medium to long-term outlook remains positive.
Manoj Kumar Jain Prithvifinmart Commodity Research recommends buying gold on dips around ₹1,62,000 and ₹1,61,000 with a stop loss below ₹1,59,500 for the target of ₹1,64,400 and ₹1,66,000, and buying silver on dips around ₹2,72,000 and ₹2,66,600 with a stop loss below ₹2,61,600 for the target of ₹2,81,000 and ₹2,85,500.
According to Jain, gold has support at $5,180 and $5,145 while resistance at $5,274 and $5,315 per troy ounce and silver has support at $86.40 and $82.80, while resistance is at $92.40 and $96 per troy ounce in today’s session.
MCX gold has support at ₹1,61,800 and ₹1,60,350 and resistance at ₹1,64,400 and ₹1,66,600, while silver has support at ₹2,74,000 and ₹2,68,800 and resistance is at ₹2,81,000 and ₹2,85,500.
According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, MCX gold April futures may appreciate to ₹1,64,000 per 10 grams, with support at ₹1,62,000.
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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.
About the Author
Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade. <br><br> He is obsessed with breaking down complex financial and economic concepts into clear and engaging stories. He focuses not only on what is happening in the markets, but also why it matters. <br><br> His coverage includes stock market trends, sector rotations, monetary and fiscal policy developments, inflation, growth data, and personal finance strategies. <br><br> With nearly 10 years of experience in covering financial markets, Nishant has covered bull markets, corrections, policy transitions, and macro developments that has equipped him with a deep understanding of how domestic and global forces shape markets and affect investments. <br><br> He regularly interviews market veterans, fund managers, economists, policymakers, and corporate leaders to provide readers with a 360-degree view of market dynamics and the broader economic landscape. <br><br> Before joining Mint, Nishant worked with some of India’s most respected business newsrooms, including The Economic Times and Moneycontrol, where he reported extensively on the stock market, corporate earnings, macroeconomic trends, GDP, inflation, monetary policies of the RBI and the US Federal Reserve, bonds, and currencies. <br><br> Apart from economics and investing, he has interests in geopolitics and emerging technologies, such as AI.
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