Gold rate today: Gold price declined on the MCX on Monday (11 May) morning as an elevated US dollar, driven by a rebound in crude oil prices, weighed on bullion.
MCX gold June futures were 0.28% down at ₹1,52,100 per 10 grams, while MCX silver July contracts were 0.25% up at ₹2,62,580 per kg around 10:45 am.
The dollar index rose by 0.20% after crude oil benchmark Brent Crude jumped 5% to trade above the $105 per barrel level.
Higher crude oil prices and derailed US-Iran talks have fuelled inflation worries, strengthening the expectations of no rate cuts by the US Federal Reserve this year. Higher-for-longer interest rates are negative for non-yielding bullion.
The US-Iran episode remains a tough headwind for gold as well as stock markets. US President Donald Trump refused Iran’s peace offer, terming it unacceptable.
According to media reports, Trump said the US remains determined to confiscate Iran’s remaining enriched uranium. Israeli Prime Minister Benjamin Netanyahu said Iran’s nuclear programme remains an unresolved threat despite recent military operations.
Meanwhile, Prime Minister Narendra Modi on Sunday urged Indians to use petrol, gas, diesel and such things with great restraint, and to avoid purchasing gold for one year, amid the ongoing West Asia crisis.
Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $4,681 and $4,640 while resistance is at $4,770 and $4,810 per troy ounce. Silver has support at $78.80 and $76.60, while resistance is at $82.40 and $84.80 per troy ounce in today’s session.
MCX gold has support at ₹1,51,650 and ₹1,50,800 and resistance at ₹1,53,350 and ₹1,54,200, while silver has support at ₹2,58,800 and ₹2,55,500 and resistance at ₹2,66,600 and ₹2,70,000, said Jain.
“We suggest buying silver on dips around ₹2,58,800 and ₹2,55,500 range with a stop loss below ₹2,51,000 for the target of ₹2,66,600 and ₹2,70,000,” said Jain.
“We suggest buying silver on dips around ₹2,58,800 and ₹2,55,500 range with a stop loss below ₹2,51,000 for the target of ₹2,66,600 and ₹2,70,000,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Ravi Singh, Chief Research Officer (Research) at Master Capital Services, pointed out that MCX gold June futures extended gains for a fourth straight session last week, settling above the 1,52,000 mark and confirming strength after breaking out of a recent consolidation range.
Singh said the broader technical setup remains positive, with prices trading above key short-term moving averages and momentum indicators maintaining a bullish bias. The Relative Strength Index (RSI) remains in positive territory without entering overbought conditions, indicating room for further upside.
“Immediate support is placed near ₹1,50,400, while resistance is seen around ₹1,55,300, with prices likely to remain range-bound in the near term,” said Singh.
Read all market-related news here
Read more stories by Nishant Kumar
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.
