New Delhi: Gold prices declined in early trade on Friday, April 24, tracking weakness in global markets as a stronger US dollar and rising crude oil prices weighed on sentiment.
On the Multi Commodity Exchange (MCX), gold June futures fell 0.32% to Rs 1,51,280 per 10 grams. Silver May futures also dropped 0.47% to Rs 2,40,373 per kilogram around 9:05 AM.
The decline comes as international gold prices head toward a weekly loss. A surge in crude oil prices has raised inflation concerns, leading to expectations that interest rates may stay elevated for longer. This has strengthened the US dollar and pushed up bond yields, both of which tend to दबाव gold since it does not offer interest returns.
Brent crude prices have risen sharply-over 17% this week-hovering above $105 per barrel. Ongoing tensions involving the US and Iran, along with disruptions in the Strait of Hormuz-a key global oil route-have added to market uncertainty.
Market experts say gold and silver are likely to remain volatile in the near term due to fluctuations in the dollar, crude oil prices, and geopolitical developments.
According to commodity analyst Manoj Kumar Jain, gold faces support near Rs 1,49,800 and resistance around Rs 1,53,100 on the MCX. For silver, support is seen at Rs 2,34,000, while resistance could extend up to Rs 2,48,500.
Globally, gold has support levels at $4,640 per troy ounce and resistance near $4,790, while silver may find support at $68 and face resistance around $80.40.
Experts recommend investors wait for clearer trends before taking fresh positions in bullion markets, given the current volatility.
