Gold price today: Rates decline on profit booking; experts highlight key levels for MCX Gold

Gold price today: Profit booking at higher levels led to a decline in gold prices in the domestic futures market on Friday morning, even as uncertainty over the economic impact of US President Donald Trump's tariff policies and geopolitical tensions continued to support the yellow metal. MCX Gold for April 4 contracts traded 0.34 per cent higher at ₹88,408 per 10 grams around 9:10 AM. The same contract had hit an all-time high of ₹89,796 per 10 grams in the previous session and had settled at ₹88,706 per 10 grams with a gain of 0.12 per cent.

Gold prices have been hitting record highs in the domestic and international markets this week amid heightened global uncertainty, a stable dollar index, and the prospects of further rate cuts by the US Federal Reserve.

The US Fed on March 19 maintained a status quo on interest rates but signalled that the central bank saw the possibility of two rate cuts of 25 bps each this year.

The Fed, however, noted that Trump's tariff policies may slow the US economy.

"Trump's initial policies, including extensive import tariffs, appear to have tilted the US economy towards slower growth and at least temporarily higher inflation,' Reuters reported Fed Chair Jerome Powell saying so after the policy meeting.

Gold prices tend to gain during economic uncertainty due to their safe-haven appeal.

Fresh escalation in tensions in Gaza is another factor that is positive for gold prices.

According to Reuters, “91 Palestinians were killed in airstrikes across Gaza on Thursday after Israel resumed bombing and ground operations.”

Experts highlight key levels for MCX Gold

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests booking profits in gold and silver in the long positions due to weekend session and wait for some corrective dips for initiating fresh long positions.

According to Jain, gold has support at $3,028-3,012 and resistance at $3,058-3,080 per troy ounce. Silver has support at $33.74-33.40, and resistance is at $34.30-34.66 per troy ounce in today’s session.

MCX Gold has support at ₹88,360-88,080 and resistance at ₹89,000-89,280 while silver has support at ₹98,650-98,000 and resistance at ₹1,00,000-1,00,750, said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,015-2,988 and resistance at $3,054-3,070. Silver has support at $33.15-32.90, and resistance is at $33.60-33.78.

In Indian rupee terms, gold has support at ₹88,340-87,980, while resistance at ₹89,050-89,450. Silver has support at ₹98,750-98,050 while resistance at ₹1,00,220-1,01,050, said Kalantri.

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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.