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Gold price today: Gold rate declined on the MCX in morning deals on Monday, 4 May, amid an uptick in the US dollar and persisting concerns over a spike in inflation due to higher-for-longer crude oil prices.
MCX gold June futures traded 0.23% lower at ₹1,51,005 per 10 grams, while MCX silver July futures were 0.15% down at ₹2,50,549 per kg around 9:10 am.
The dollar index inched up slightly by 0.06% even as crude oil prices eased after US President Donald Trump said the US would attempt to free up ships stranded in the Strait of Hormuz. However, the lack of clear progress in U.S.-Iran peace talks kept prices supported above $100.
Meanwhile, Trump on Saturday said that he will review Tehran's new proposal. Tehran submitted a 14-point proposal to mediator Pakistan. This plan includes a proposal to end the conflict on all fronts and to enact a new framework for the Strait of Hormuz waterway, Iran's Tasnim and Fars news agencies said.
On Sunday (local time), Trump said that US representatives are engaged in “very positive” talks with Iran.
The West Asian conflict has kept gold and silver prices volatile as elevated crude oil prices have fanned fears of an inflation flare-up, which can result in higher interest rates for a longer period.
Last week, the US Federal Reserve kept its interest rates unchanged at 3.5%–3.75% and flagged inflationary risks. Last week, data showed the Personal Consumption Expenditures Price Index jumped 0.7% in March, the biggest gain since June 2022.
Manoj Kumar Jain of Prithvifinmart Commodity Research pointed out that gold has support at $4,632 and $4,600, while resistance is at $4,700 and $4,740 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $78.80 and $80.40 per troy ounce in today’s session.
On the MCX, according to Jain, gold has support at ₹1,50,650 and ₹1,49,800, while resistance may be at ₹1,52,200 and ₹1,53,100. MCX silver has support at ₹2,47,700 and ₹2,44,400 and resistance at ₹2,54,000 and ₹2,58,000.
"We suggest booking profits in long positions of gold around ₹1,53,000 and long positions of silver around ₹2,55,000. Fresh buying can be initiated in gold around ₹1,49,800 and in silver around ₹2,54,000 as the market is stuck in a range," said Jain.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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