Gold price today: Rates rebound on dollar's weakness, healthy spot demand; experts highlight key levels for MCX Gold

Gold price today: Gold rates rebounded in the domestic futures market on Thursday amid positive global cues, the dollar's weakness and healthy spot demand. MCX Gold June 5 contract jumped over a per cent after crashing 2.7 per cent in the previous session. Around 2 PM, MCX Gold traded 1.23 per cent higher at ₹95,890 per 10 grams. In the spot market, 24-carat gold was at ₹98,513 per 10 grams in Delhi Thursday morning.

The dollar index fell 0.3 per cent against its peers, enhancing gold's appeal.

International gold prices also jumped by over a per cent as traders and investors rushed for bargain buying, following a drop to nearly one-week low levels in the previous session amid growing hopes of a potential trade deal between the US and China.

Gold prices soared to the ₹1 lakh per 10 grams mark in the retail market on Tuesday, amid mounting fears that a trade war between the US and China, the world's two largest economies, could severely damage global economic growth.

Additionally, US President Donald Trump's comments on US Federal Reserve Chair Jerome Powell added to investor nervousness, raising questions about the independence of the US central bank.

Gold prices tend to rise during periods of economic or political uncertainty.

However, over the past two days, several reports have indicated that the US and China may be close to finalising a favourable trade deal.

According to media reports, the Trump administration is considering a significant reduction in tariffs on Chinese imports, potentially lowering current rates from 145 per cent to a range between 50 per cent and 65 per cent.

Moreover, Trump has said he does not intend to fire Powell. These developments led to profit booking in gold prices during the previous session.

Experts highlight key levels for MCX Gold, Silver

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,310-3,285 while resistance is at $3,362-3,385. Silver has support at $33.15-32.80 while resistance is at $33.88-34.20.

In the Indian rupee terms, gold has support at ₹94,450-94,080 while resistance is at ₹95,650-96,090. Silver has support at ₹96,880-96,150 while resistance is at ₹98,450-99,250, said Kalantri.

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $3,264-3,220, while resistance is at $3,330-3,374 per troy ounce and silver has support at $33.20-32.84, while resistance is at $33.88-34.40 per troy ounce in today’s session.

MCX Gold has support at ₹94,000-93,350 and resistance at ₹95,400-96,100, while silver has support at ₹96,950-96,200 and resistance at ₹98,500-99,400.

According to Renisha Chainani, the head of research at Augmont, in the short term, gold prices are expected to trade in the range of $3,270 (nearly ₹94,000) to $3,400(nearly ₹96,500).

"The long-term technical outlook will only turn negative if gold begins hitting lower lows and lower highs," said Chainani.

Read all market-related news here

Read more stories by Nishant Kumar

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.