Gold price today: Gold rates dropped on the MCX on Friday (15 May) morning amid a stronger US dollar, driven by elevated crude oil prices.
MCX gold June futures were 0.87% down at ₹1,60,562 per 10 grams, while MCX silver July futures were 3.28% down at ₹2,81,551 per kg around 9:05 am.
International gold prices declined to an over one-week low, looking set for a weekly decline, pressured by higher energy prices that aggravated concerns of an inflation spike and longer-term higher interest rates.
People also ask
AI powered insights from this story
•5 QUESTIONS
Gold and silver prices are falling due to a stronger US dollar, elevated crude oil prices, and rising US bond yields. Higher energy prices are also fueling inflation concerns, leading to expectations of higher interest rates, which negatively impacts non-yielding assets like gold.
Key factors influencing gold prices include the strength of the US dollar, fluctuations in crude oil prices, US inflation data, and the stance of the US Federal Reserve on interest rates. Geopolitical developments, such as the meeting between US President Trump and Chinese President Xi Jinping, also play a role.
On MCX, gold has support at ₹1,60,300 and ₹1,59,100, with resistance at ₹1,63,200 and ₹1,64,400. Some analysts also note crucial support at ₹1,59,000 and deeper support at ₹1,56,000, with an immediate upside hurdle at ₹1,65,000.
A stronger US dollar makes gold more expensive for holders of other currencies, thus reducing its appeal and putting downward pressure on gold prices. The dollar index climbing higher often correlates with a decline in gold prices.
Experts expect gold and silver prices to remain volatile in the near term due to ongoing geopolitical developments and economic factors like inflation and interest rate expectations. While gold is under pressure from a strong dollar and rising yields, silver has shown some resilience due to supply concerns and industrial demand.
The dollar index climbed by 0.30% to 99.10 after crude oil benchmark Brent Crude jumped over 1% to trade above the $107 per barrel level.
Meanwhile, rising Us bond yields also weighed on gold prices. US 10-year Treasury yields jumped to a near-1-year high.
Crude oil prices have been higher for more than two months now. This has raised fears that inflation will surge globally, prompting monetary tightening from major central banks. Gold, a non-yielding asset, tends to remain under pressure in times of elevated interest rates.
The focus remains on developments resulting from the meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Trump is on a two-day visit to China. The meeting between the top leaders of the world’s two biggest economies is widely tracked globally.
Trump and Xi are expected to discuss their tarde relations, economic pact, and perhaps the Middle East conflict that has driven energy prices up and threatened to derail the world’s growth-inflation dynamics.
“Gold appears to be on track to fall about 2% for the week, pressured by accelerating US inflation that has raised concerns the US Federal Reserve may keep benchmark interest rates elevated or even hike them,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, noted.
“MCX gold June futures are likely to drop to ₹1,61,500 per 10 grams, and ₹1,62,500 per 10 grams is a cap for intraday today,” said Trivedi.
Experts expect gold and silver prices to remain volatile in the near term due to geopolitical developments.
“We are experiencing very high price volatility in both precious metals. Gold may hold its support of $4,555 per troy ounce, while silver may hold its support of $76 per troy ounce this week on a closing basis. We suggest avoiding fresh buying positions in gold and silver at current levels ahead of the U.S. and Chinese president summit outcomes,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $4,634 and $4,600, while resistance is at $4,722 and $4,770 per troy ounce. Silver has support at $83 and $80, while resistance is at $87.70 and $90 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹1,60,300 and ₹1,59,100 and resistance is at ₹1,63,200 and ₹1,64,400, while silver has support at ₹2,85,500 and ₹2,78,800, and resistance at ₹2,96,600 and ₹3,02,000.
According to Ravi Singh, Chief Research Officer (Research) at Master Capital Services, gold’s crucial support levels have now recalibrated significantly higher, with the first major floor established at ₹1,59,000 and deeper systemic support identified at ₹1,56,000. On the upside, the immediate technical hurdle is pegged at ₹1,65,000.
Singh underscored that momentum indicators, including the RSI, remain in positive territory with sufficient headroom before reaching overbought extremes, suggesting that the path of least resistance remains to the upside as long as the ₹1,59,000 zone holds.
Fundamentally, domestic resilience is contrasting with shifting global dynamics.
“While robust U.S. economic data has boosted the dollar and pressured international spot prices, market sentiment is reacting to the conclusion of the high-stakes summit between President Trump and President Xi Jinping in Beijing,” Singh said.
While both leaders pledged to keep the Strait of Hormuz open, Xi warned against “missteps” regarding Taiwan, and persistent oil-driven inflation kept U.S. Treasury yields elevated, keeping the underlying geopolitical risks high.
“This complex backdrop continues to channel safe-haven demand into bullion, providing a solid foundation for the current rally even as international markets recalibrate,” said Singh.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only and does not constitute investment advice. 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.
