Noida, Apr 6 (APAC Media): Gold prices declined on the Multi Commodity Exchange (MCX) on Monday morning, as investors resorted to profit booking amid a strengthening US dollar and persistent geopolitical tensions linked to the US–Iran conflict 2026.
The fall in bullion prices also comes as strong US economic data has dampened expectations of a near-term rate cut by the Federal Reserve.
MCX gold June futures dropped by Rs 1,400, nearly 1 percent, to Rs 1,48,298 per 10 grams in early trade. Similarly, MCX silver May contracts declined by over Rs 2,800, or more than 1 percent, to Rs 2,29,651 per kilogram.
Analysts attribute the decline largely to the strength of the US dollar, which makes gold more expensive in international markets and reduces its appeal among investors.
The dollar index remained above the crucial 100 mark, supported by rising crude oil prices. As oil is predominantly traded in dollars, higher crude prices typically boost demand for the US currency.
Brent crude hovered near $110 per barrel, trading at multi-year highs as tensions in the Middle East continued to escalate, fueling concerns about a potential spike in global inflation.
Gold Price City Wise: –
- Gold rate today in Delhi: Rs 1,49,050 for 24 karat, Rs 1,36,629 for 22 karat, Rs 1,11,788 for 18 karat
- Gold rate today in Jaipur: Rs 1,49,290 for 24 karat, Rs 1,36,849 for 22 karat, Rs 1,11,968 for 18 karat
- Gold rate today in Mumbai: Rs 1,49,310 for 24 karat, Rs 1,37,868 for 22 karat, Rs 1,11,983 for 18 karat
- Gold rate today in Kolkata: Rs 1,49,020 for 24 karat, Rs 1,36,602 for 22 karat, Rs 1,11,765 for 18 karat
- Gold rate today in Chennai: Rs 1,49,650 for 24 karat, Rs 1,37,179 for 22 karat, Rs 1,12,238 for 18 karat
- Gold rate today in Bengaluru: Rs 1,49,340 for 24 karat, Rs 1,36,895 for 22 karat, Rs 1,12,005 for 18 karat
- Gold rate today in Hyderabad: Rs 1,49,590 for 24 karat, Rs 1,37,124 for 22 karat, Rs 1,12,193 for 18 karat
At the same time, robust labour market data from the United States added further pressure on gold prices. Reports showed that US nonfarm payrolls increased by 178,000 jobs in March, the highest rise since December 2024.
The unemployment rate also eased to 4.3 percent, reflecting continued economic resilience. This strong data has reduced the likelihood of imminent monetary easing by the Federal Reserve, a factor that typically supports gold when interest rates are expected to decline.
Market experts have advised caution amid heightened volatility in bullion markets. They recommend that short-term traders took profits on price rallies and wait for corrective dips before initiating fresh positions.
According to analysts, gold has support at Rs 1,47,200 and Rs 1,45,500, while resistance is placed at Rs 1,51,100 and Rs 1,53,350 on the MCX. Silver is seen finding support at Rs 2,28,000 and Rs 2,22,400, with resistance levels at Rs 2,37,700 and Rs 2,42,200.
Overall, while long-term fundamentals for gold remain supportive, short-term price trends are expected to stay volatile, driven by movements in the dollar, crude oil prices, and evolving global economic conditions.
