Gold and money prices opened lower on the Multi Commodity Exchange of India (MCX) on Monday, as a stronger dollar and growing tensions in the Middle East weighed on sentiment and dampened expectations of interest rate cuts from the US Federal Reserve.
Tensions intensified on Sunday after US President Donald Trump published a very aggressive message on social networks on Easter Sunday, aimed at Tehran. He warned that Iranian power plants and bridges could be targeted on Tuesday if the strategic Strait of Hormuz was not reopened.
MCX silver futures due in May 2026 were down by Rs 2,030 or 1% at Rs 2,30,465 per kg. Meanwhile, gold futures for June 2026 delivery fell by Rs 1,047 or 0.7 per cent to Rs 1,48,633 per 10 grams. During the previous session, the white metal plunged almost 5% while gold finished slightly lower.
On the international market, gold prices fell sharply on Monday, falling by more than 1%. Spot gold fell 1.2% to $4,620.68 an ounce by 0047 GMT, while US gold futures for April delivery slipped 0.7% to $4,647.10. Meanwhile, spot silver also fell, falling 1% to $72.28 an ounce.
Market expectations regarding monetary policy have changed significantly, with traders now largely pricing in the possibility of a rate cut this year. Before the Iran war, two rate cuts were expected during the year.
How to trade gold?
Manoj Kumar Jain of Prithvi Finmart said precious metals are seeing increased volatility, although gold and silver are expected to maintain key support levels in the near term. He noted that silver could hold above $62 per troy ounce, while gold could hold at the $4,420 level at this week’s close.
He added that prices are likely to remain volatile due to fluctuations in the dollar index, crude oil prices and the ongoing conflict between the United States and Iran. For the current session, gold benefits from support between $4,620 and $4,580 and resistance between $4,720 and $4,770 per troy ounce. Silver, on the other hand, has support between $70.70 and $68.00 and resistance between $76.00 and $78.40 per troy ounce.
On the domestic front, he said gold on MCX had support between Rs 1,47,200 and Rs 1,45,500 and resistance between Rs 1,51,100 and Rs 1,53,350. Silver finds support between Rs 2,28,000 and Rs 2,22,400, while resistance lies between Rs 2,37,700 and Rs 2.42 200.
Jain advised investors to consider taking profits from long positions on every rise and wait for corrective declines before initiating new long positions in gold and silver.
Gold prices on physical markets
Gold Price Today in Delhi
Standard gold (22 carat) prices in Delhi are Rs 1,10,792/8 grams while pure gold (24 carat) prices are Rs 1,20,856/8 grams.
Gold Price Today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,10,672/8 grams while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.
Gold Price Today in Chennai
Standard gold (22 carat) prices in Chennai are Rs 1,11,592/8 grams while pure gold (24 carat) prices are Rs 1,21,736/8 grams.
Gold Price Today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,10,672/8 grams while pure gold (24 carat) prices stand at Rs 1,20,736/8 grams.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)