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Gold jumps over 1% on MCX as weaker dollar, softer crude and US–Iran peace hopes boost demand
Gold jumps over 1% on MCX as weaker dollar, softer crude and US–Iran peace hopes boost demand
- Gold prices surged by over 1% on MCX in early trade, supported by strong spot demand and favourable global cues.
- MCX gold June futures climbed nearly ₹2,000 to around ₹1.51 lakh per 10 grams, while silver prices jumped करीब 3%, reflecting broader strength in precious metals.
- The rally was largely driven by a weaker US dollar, which makes gold cheaper for international buyers and boosts demand.
- Crude oil prices declined for a second straight session, reducing inflation concerns and indirectly supporting gold prices.
- The drop in oil prices is linked to expectations of renewed US–Iran peace talks, raising hopes of improved supply flows through the Strait of Hormuz.
- Easing geopolitical tensions have lowered inflation expectations, which is positive for gold as it reduces pressure on central banks to keep interest rates high.
- Despite the recent uptick, gold prices remain about 7% lower since the start of the US–Iran conflict in late February due to earlier inflation fears and high energy prices.
- Analysts suggest a cautious trading approach, recommending profit booking on rallies until there is clear confirmation of a final peace deal.
- Key technical levels:
- Gold support: ~$4,500–$4,535; resistance: ~$4,622–$4,681
- MCX gold support: ₹1.48–1.49 lakh; resistance: ₹1.50–1.51 lakh
- Silver also shows strong upward momentum with defined support/resistance bands
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