Today’s gold price: Experts point out critical levels for MCX Gold as rates drop on profit booking.

Today’s gold price: March 21,2025 Experts point out critical levels for MCX Gold as rates drop on profit booking.

Despite persistent global tensions and concern around US tariffs, profit booking caused gold prices to decline in the domestic futures market. The price of MCX Gold for April 4 contracts dropped from its peak of ₹89,796 to ₹88,408 per 10 grams.

 

Gold price today: Although geopolitical tensions and uncertainty about the economic effects of US President Donald Trump’s tariff plans continued to bolster the yellow metal, profit booking at higher levels caused a dip in gold prices in the local futures market on Friday morning. Around 9:10 AM, MCX Gold for April 4 contracts was up 0.34 percent at ₹88,408 per 10 grams.In the previous session, the same contract reached its highest point ever, ₹89,796 per 10 grams, and settled at ₹88,706 per 10 grams, indicating a 0.12% increase.

Due to increased global uncertainty, a steady dollar index, and the possibility of additional rate cuts by the US Federal Reserve, gold prices have been reaching all-time highs in both local and foreign markets this week.

On March 19, the US Fed signaled that it saw the prospect of two rate cuts of 25 basis points each this year, but it kept interest rates at their current level.

 

However, the Fed pointed out that Trump’s tariff measures might cause the US economy to slow.

According to Reuters, Fed Chair Jerome Powell stated during the policy meeting that “Trump’s initial policies, including extensive import tariffs, appear to have tilted the US economy towards slower growth and at least temporarily higher inflation.”

Due to its attraction as a safe haven, gold prices typically rise during uncertain economic times.

Another element supporting gold prices is the recent increase of tensions in Gaza.

“After Israel resumed bombing and ground operations, 91 Palestinians were killed in airstrikes across Gaza on Thursday,” according to Reuters.

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Experts point out important MCX Gold levels:
Because of the weekend session, Manoj Kumar Jain of Prithvifinmart Commodity Research advises booking profits in gold and silver in long holdings and waiting for some corrective declines before starting new long positions.

Gold has resistance at $3,058-3,080 per troy ounce and support at $3,028-3,012 per troy ounce,according to Jain. In today’s session,silver’s resistance is at $34.30-34.66 per troy ounce,while its support is at $33.74-33.40.

According to Jain,MCX Gold has resistance at ₹89,000-89,280 and support at ₹88,360-88,080, while silver has resistance at ₹1,00,000-1,00,750 and support at ₹98,650-98,000.

Rahul Kalantri, vice president of commodities at Mehta Equities,stated that the resistance of gold is above $3,054-3,070,while the support is at $3,015-2,988. Support for silver is between $33.15 and 32.90, while resistance is between $33.60-33.78.

Gold has resistance around ₹89,050-89,450 and support at ₹88,340-87,980 in Indian rupees. According to Kalantri,silver has resistance at ₹1,00,220-1,01,050 and support around ₹98,750-98,050.

Disclaimer:

The sole intention of this story is education. Mint does not endorse the opinions and suggestions expressed above; they are the opinions of individual analysts or broking firms. Before making any financial decisions,we encourage investors to consult with qualified professionals.