Gold price today: MCX gold rate falls below ₹96,000 on easing Israel-Iran tensions; silver prices drop 0.5%

Gold prices on the Multi Commodity Exchange (MCX) opened sharply lower on Friday, tracking weakness in international bullion prices, weighed down by a slight uptick in the US dollar and the Israel-Iran ceasefire.

MCX gold rate for August futures opened 0.85% lower at ₹96,261 per 10 grams as against its previous close of ₹97,087. MCX silver prices for July futures also opened 0.11% lower at ₹1,06,629 per kg as compared with its previous close of ₹1,06,755.

At 11:25 AM, MCX gold rate was trading lower by ₹987, or 1.02%, at ₹96,100 per 10 grams, while MCX silver rate was down by ₹204, or 0.19%, at ₹1,06,551 per kg. 

MCX gold price hit a low of ₹95,954 per 10 grams, falling below ₹96,000 level, while silver price touched an intraday low of ₹1,06,109 per kg on Friday.

In the international bullion market, gold prices declined and were heading for a second weekly loss.

Spot gold price fell 0.4% to $3,313.23 per ounce. Bullion was down 1.7% this week. US gold futures fell 0.7% to $3,325.70. Spot silver was steady at $36.63 per ounce.

The dollar rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers.

“The market now awaits the US core personal consumption expenditure data for further direction. Elsewhere, fading risks in the Middle East has reduced demand for safe-haven assets,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

US core PCE data is due later today, which will be eyed for further insight into the US Federal Reserve’s monetary policy outlook. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September.

Gold Price Outlook

Jigar Trivedi expects MCX gold August futures may find support at ₹95,800 - 95,600 level, while resistance is seen at ₹96,500 level.

Support for MCX silver prices is placed at ₹1,05,500 - 1,05,000 levels, while resistance at ₹1,06,800 level, he added.

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