Today’s gold price: With the dollar rising and no new triggers, rates are sluggish; experts point to important levels for MCX Gold
Today’s gold price: Due to limited spot demand and a stronger currency,gold prices fell as profit booking occurred in the domestic futures market. At 9:10 AM Monday,the price of MCX Gold for April 4 futures was down 0.08% to ₹87,705 per 10 grams,down more than ₹2,000 from its top of ₹89,796 on March 20.
Today’s gold price: Gold prices were sluggish on profit taking in the domestic futures market Monday morning amid the dollar’s increase, muted spot market demand, and a lack of fresh catalysts. Around 9:10 AM on March 24, MCX Gold for April 4 contracts was down 0.08 percent at ₹87,705 per 10 grams.From its peak of ₹89,796 per 10 grams on March 20, it has dropped by more than ₹2,000.
Due to increased global uncertainty, concerns about a US recession brought on by President Donald Trump’s trade policies, and anticipation of a rate decrease by the US Federal Reserve, domestic gold prices have risen 14% this year.
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Gold prices have also increased as a result of a drop in the dollar index, ongoing central bank purchases, and robust demand in important economies like China and India.
As the dollar index hovered close to a three-week high on Monday,global gold prices similarly decelerated. The increase in the dollar hurts gold prices because it raises the price of the yellow metal in other currencies,which reduces demand for it.
Because of ongoing worries about the economic effects of Trump’s tariff policies, forecasts of additional rate cuts, and geopolitical tensions, experts are generally optimistic about gold prices in the medium term.
Key levels for precious metals are highlighted by experts.
Due to the US trade war and the dollar index’s volatility,Manoj Kumar Jain of Prithvifinmart Commodity Research predicts that the price of gold and silver will continue to fluctuate this week.
“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,”Jain stated.
Silver has resistance at ₹98,650-99,400 and support at ₹97,100-96,400, while MCX Gold has support at ₹87,400-87,140 and resistance at ₹88,000-88,360. Jain advised selling gold while it was rising, around ₹88,100, with a stop loss of ₹88,440, and aiming for ₹87,400.
According to Rahul Kalantri, vice president of commodities at Mehta Equities, gold has resistance at $3,044-3,060 and support at $3,000-2,982. The resistance for silver is at $33.32-33.55,while the support is at $32.90-32.70.
In the Indian rupee,Kalantri finds resistance at ₹88,050-88,450 and support for gold at ₹87,440-87,080. Support for silver is located between 96,750 and 96,050,while resistance is found between 98,720 and 99,550.