Gold price today: Rates crash almost 1% amid volatile dollar, easing geopolitical risks; experts' strategy for MCX Gold

Gold price today: Gold rates declined in the domestic futures market on Thursday morning amid a strengthening dollar and easing concerns over the trade war and India-Pakistan conflict. MCX Gold June 5 contract traded 0.88 per cent lower at ₹91,450 per 10 grams around 12:10 PM. In the previous session, gold's same contracts fell nearly 1.5 per cent, closing at ₹92,265 per 10 grams.

Gold and silver prices declined in the previous session as the US-China trade negotiations dampened safe-haven demand. Easing tensions between India and Pakistan also boosted investors' appetite for riskier equities, further weighing on gold demand.

MCX Gold prices have declined by over 3 per cent over the last one week.

"On Wednesday, Gold June futures contract settled at ₹92,265 per 10 grams with a loss of 1.48 per cent and silver July futures contract settled at ₹95,466 per kilogram with a loss of 1.34 per cent. Gold and silver prices were unable to hold their previous sessions' gains and plunged again amid easing safe-haven demand due to US-China trade negotiations and major risk aversion in the global financial markets," Manoj Kumar Jain of Prithvifinmart Commodity Research observed.

Meanwhile, the dollar index traded on a bouncy track, exerting some pressure on bullion.

With US inflation at comfortable levels, the expectations for rate cuts by the US Federal Reserve have weakened, which is another negative for the yellow metal.

According to a Bloomberg report, “Federal Reserve Bank of San Francisco President Mary Daly said the US economy's strength allows policymakers to be patient as they wait for more evidence of how the Trump administration’s policies will affect businesses and households.”

Experts' strategy for MCX Gold, Silver

Jain of Prithvifinmart Commodity Research suggests staying away from taking fresh positions in precious metals in today's session.

"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the key global economic data. We suggest staying away from taking fresh positions in precious metals in today's session ahead of the key global economic data," said Jain.

Jain said gold has support at $3,164-3,140, while resistance is at $3,210-3,234 per troy ounce, and silver has support at $32.10-31.80, while resistance is at $32.74-33.00 per troy ounce in today’s session.

MCX Gold has support at ₹91,770-91,360 and resistance at ₹92,650-93,100, while silver has support at ₹94,800-94,200 and resistance at ₹96,000-96,650, Jain said.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,130-3,100 while resistance is at $3,200-3,220. Silver has support at $31.75-31.55 while resistance is at $32.30-32.65. In INR, gold has support at ₹91,350-90,780, while resistance is at ₹92,450-92,690. Silver has support at ₹94,380-93,550, while resistance is at ₹95,950-96,750.

Renisha Chainani, the head of research at Augmont, pointed out gold has dropped below $3,200 (nearly ₹92,000).

"As prices have broken the double-top neckline support, more downside is expected up to $3,000-3,050 (nearly ₹87,000-88,000) in the short term," said Chainani.

"Silver prices are expected to get momentum now, as the tariff war has de-escalated. We are likely to see prices touching $34(nearly ₹99,000) and $35(nearly ₹1,02,0000) soon in the coming days," Chainani said.

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