Gold price today: Rates volatile on MCX amid focus on US-Iran peace talks
Gold price today: Gold rates were volatile in early trade on Friday amid focus on the proposed US-Iran talks. However, dollar weakness and a fall in crude oil prices capped losses for the yellow metal.
Gold price today: Gold rates were volatile in early deals on the MCX on Friday (17 April) morning, with focus on emerging signs surrounding a potential US-Iran peace deal. However, a weaker dollar and a fall in crude oil prices supported the yellow metal.
MCX gold June futures were 0.04% down at ₹1,53,086 per 10 grams around 9:05 am, while MCX silver May contracts were 0.34% up at ₹2,49,469 per kg at that time.
International gold prices were set for a fourth consecutive weekly gain, supported by hopes for a US-Iran peace deal, easing fears of elevated inflation and the resulting higher interest rates.
The US dollar, which appears set for a second weekly drop, fell to a six-week low in the previous session. A weaker dollar makes greenback-backed yellow metal cheaper for overseas buyers.
The market expects the US Federal Reserve to pause interest rates this month. The US Federal Open Market Committee (FOMC) will meet on April 28-29.
Positive signals are emerging on the geopolitical front, soothing market concerns.
According to media reports, US President Donald Trump has said Iran agreed to drop nuclear weapons and return enriched uranium.
Trump also said that Israel and Lebanon have agreed to a 10-day ceasefire, describing the move as a step toward achieving long-term peace between the two countries.
The West Asian war drove crude oil prices to multi-year high levels, lifting the US dollar and weighing on gold prices lately.
"COMEX gold is hovering around $4,800–$4,810, with a key resistance zone placed near $4,850, which is acting as a near-term cap on prices. Support from US–Iran de-escalation hopes and softer crude prices is aiding sentiment, but uncertainty over the outcome of talks is preventing a sustained breakout," said Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities.
"Gold continues to trade with a volatile bias, reacting sharply to crude, dollar, and geopolitical updates. In the near term, gold is expected to remain range-bound between ₹1,52,500– ₹1,56,000," said Trivedi.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,774 and $4,740, while resistance is at $4,840 and $4,884 per troy ounce, and silver has support at $76.60 and $74, while resistance is at $80.40 and $82.80 per troy ounce in today’s session.
MCX gold has support at ₹1,52,500 and ₹1,51,100, and resistance is at ₹1,54,200 and ₹1,55,000, while silver has support at ₹2,45,500 and ₹2,42,000 and resistance is at ₹2,51,500 and ₹2,55,000, said Jain.
"We maintain our buy on dips strategy for gold until prices hold ₹1,48,800 for the target of ₹1,55,000 and ₹1,57,000, and for silver until prices hold ₹2,41,000 for the price targets of ₹2,55,000 and ₹2,61,000," said Jain.
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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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