Gold price today: Rates lacklustre amid dollar’s rise, lack of fresh triggers; experts highlight key levels for MCX Gold

Gold price today: Gold prices were lacklustre on profit booking in the domestic futures market Monday morning amid the dollar's rise, muted spot market demand, and a lack of fresh triggers. MCX Gold for April 4 contracts traded 0.08 per cent lower at ₹87,705 per 10 grams around 9:10 AM on March 24. It has come down by over ₹2,000 from its all-time high of ₹89,796 per 10 grams, which it hit on March 20.

Domestic gold rates have soared 14 per cent this year due to heightened global uncertainty, fears of a recession in the US due to President Donald Trump's tariff policies, and rate cut expectations from the US Federal Reserve.

A decline in the dollar index, continuous buying by central banks and strong demand in major markets such as China and India have also contributed to the rise in gold prices.

Meanwhile, international gold prices also eased on Monday as the dollar index traded near a three-week high. The dollar's rise is negative for gold prices as it makes the yellow metal expensive in other currencies, weighing on its demand.

Experts are largely positive about gold prices for the medium term due to persisting concerns about the economic impact of Trump's tariff policies, expectations of further rate cuts and geopolitical tensions.

Experts highlight key levels for precious metals

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war.

"Gold has support at $3,000-2,984, while resistance at $3,044-3,055 per troy ounce and silver has support at $33.15-32.80, while resistance is at $33.74-34.00 per troy ounce in today’s session," said Jain.

"MCX Gold has support at ₹87,400-87,140 and resistance at ₹88,000-88,360 while silver has support at ₹97,100-96,400 and resistance at ₹98,650-99,400. We suggest selling gold on the rise around ₹88,100 with a stop loss of ₹88,440 for the target of ₹87,400," said Jain.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,000-2,982 and resistance at $3,044-3,060. Silver has support at $32.90-32.70 and resistance at $33.32-33.55.

In INR, Kalantri finds support for gold at ₹87,440-87,080, while resistance is at ₹88,050-88,450. Silver has support at ₹96,750-96,050, while resistance is at ₹98,720-99,550.

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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.