Gold price today: Rates drop amid reports of potential Russia-Ukraine ceasefire; experts unveil strategy for MCX Gold

Gold price today: Gold rates declined in the domestic futures market Tuesday morning amid reports of a potential ceasefire between Russia and Ukraine. Tepid demand from the domestic spot market and a stable dollar also weighed on bullion. MCX Gold June 5 contract traded 0.35 per cent lower at ₹92,975 per 10 grams around 9:15 AM.

As per media reports, US President Donald Trump dialled Russian President Vladimir Putin on Monday to spur progress toward ending the Ukraine war. The Russian President acknowledged that the two-hour-long call with the US President was “very frank” and “useful” and emphasised the need to identify the most effective pathways to "peace" amid the ongoing conflict with Ukraine.

Optimism over a potential ceasefire between Russia and Ukraine hit the demand for safe-haven assets.

Meanwhile, the dollar index recovered from the losses suffered in the previous session, making gold expensive and less appealing to buyers in other currencies.

Gold prices have been volatile in recent times due to easing geopolitical tensions, trade war jitters, and fading expectations of rate cuts by the US Federal Reserve soon.

The MCX Gold price has declined by about a per cent over the last week.

Experts' strategy for gold, silver

According to Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures, investors should consider buying gold on dips.

"With questions mounting around the US economic health, even positives on the tariff talks front could cap any further downside to gold prices, and any potential dip could be used as a buying opportunity," said Kamboj.

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week, and he suggests buying silver on dips.

"We suggest buying silver on dips around ₹94,800 with a stop loss of ₹94,150 for the target of ₹96,100," said Jain.

"Gold has support at $3,210-3,184, while resistance is at $3,250-3,264 per troy ounce, and silver has support at $32.20-31.88, while resistance is at $32.74-33.00 per troy ounce in today’s session," said Jain.

"MCX Gold has support at ₹92,750-92,200 and resistance at ₹93,850-94,400 while silver has support at ₹94,800-94,000 and resistance at ₹96,000-96,650," said Jain.

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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.