Gold price today: Rates fall on dollar's rise; US PCE prints in focus; experts highlight key levels for MCX Gold

Gold price today: Gold rates declined significantly in the domestic futures market on Friday morning amid a rise in the US dollar and tepid demand from spot markets. MCX Gold June 5 contracts traded 0.41 per cent lower at ₹95,000 per 10 grams around 12:25 PM.

The US dollar rose about 0.20 per cent, making gold expensive in overseas currencies, after a federal appeals court on Thursday temporarily allowed US President Donald Trump to proceed with his tariffs. A US trade court had blocked Trump's reciprocal tariffs on Wednesday, saying he overstepped his authority by imposing them.

Investors' focus is now on the US Federal Reserve's preferred inflation measure, the April US personal consumption expenditures (PCE) price index report, due today.

Gold prices have been volatile in the recent past due to volatility in the dollar index and news flows surrounding US tariffs and trade talks.

"Gold prices are in consolidation mode after the tariff imposition by US President Donald Trump, which was deemed illegal by a US trade court, was reinstated by the US appeals court. This enabled prices to find a floor as uncertainties over the future course of tariffs resurfaced. Disappointing macro data on the GDP and jobs front also helped further decline in prices," said Aksha Kamboj, Vice President, India Bullion and Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

In the previous session on Thursday, gold June futures ended with mild gains of 0.12 per cent at ₹95,389 per 10 grams in the domestic futures market.

"Gold and silver showed very high price volatility on Thursday. Gold prices were sharply down after the US federal court blocked Trump’s tariff plan, but prices recovered from their lows after the US President said he would appeal against the court ruling. The dollar index also plunged, and the US jobless claims increased larger than expected and supported precious metal prices," Manoj Kumar Jain of Prithvifinmart Commodity Research noted.

US jobless claims increased last week to 2,40,000, against expectations of 2,29000. The preliminary GDP data also shows contraction in economic growth, supporting precious metal prices.

"All eyes today will be on the important PCE inflation data that will provide further direction to gold prices and could potentially trigger a shift in sentiment towards the yellow metal. Investors could use the current fall in prices to accumulate gold for the long term," said Kamboj.

Key levels for MCX Gold, Silver

According to Jain, gold has support at $3,320-3,294, while resistance at $3,368-3,388 per troy ounce and silver has support at $33.20-32.88, while resistance is at $33.70-34.00 per troy ounce in today’s session.

MCX Gold has support at ₹95,000-94,600 and resistance at ₹95,800-96,160 while silver has support at ₹97,100-96,600 and resistance at ₹98,300-99,100, said Jain.

Jain suggests buying silver around ₹97,200-96,800 with a stop loss of ₹96,400 for the target of ₹98,400.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,274-3,255 while resistance is at $3,322-3,340. Silver has support at $32.82-32.65 while resistance is at $33.35-33.55.

In INR, gold has support at ₹94,910-94,580, while resistance is at ₹95,750-95,940. Silver has support at ₹96,480-95,750 while resistance is at ₹97,950-98,750, said Kalantri.

According to Renisha Chainani, the head of research at Augmont, gold prices are expected to trade in the range of $3,270 (nearly ₹95,000) and $3,370 (nearly ₹96,400) in the near term. Either side breakout or breakdown will give 2-3 per cent movement.

Silver prices are expected to trade in the range of $32.5(nearly ₹96,000) and $34(nearly ₹99,000) in the near term, said Chainani.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.