Gold Price Today: Yellow metal down 7% from record high on MCX, spot gold hits five-week low; Check key support levels

USGold Prices Today: The yellow metal trades nearly 7.3 per cent lower from its record high in domestic markets and hit a five-week low globally. This came after investors took to profit-booking and shifted to riskier assets.

Internationally, gold erased early losses to steady on Thursday, helped by a weaker US dollar and technical buying. Investors await key US economic data later in the day for further clarity on the future trajectory of interest rates.

Spot gold, MCX gold futures price today

Spot gold was little changed at $3,179.07 an ounce, after hitting its lowest since April 10 earlier in the session. US gold futures fell 0.3 per cent to $3,179.20. Elsewhere, spot silver dipped 0.4 per cent to $32.09 an ounce and palladium rose 0.6 per cent to $956.58. Platinum was up 0.7 per cent at $982.53.

Back home, gold futures last traded 1.6 per cent lower at ₹92,090 per 10 gram on the multi-commodity exchange (MCX). MCX gold futures swung between ₹90,890 and ₹93,446 in the session, against a previous close of ₹93,116. MCX Gold prices have declined by over three per cent over the last week.

What's hitting the yellow metal's appeal?

The US dollar index slipped 0.3 per cent, making gold cheaper for other currency holders. This week, the US and China agreed to temporarily slash harsh reciprocal tariffs, de-escalating a trade war and denting demand for gold as a safe haven.

Commodity markets expect the US Federal Reserve to cut rates by 50 basis points this year, starting in October. Non-yielding gold tends to thrive in a low-interest rate environment. US Federal Reserve Chair Jerome Powell's speech later in the day will be watched for clues on the Fed's rate path.

“Gold has historically served as a reliable hedge against global uncertainty and volatile markets—evident from the aggressive buying by central banks in recent years. However, with macro conditions gradually stabilizing, the safe-haven appeal of gold may wane as investor sentiment shifts back toward equities," said Amit Jain, Co-Founder of Ashika Global Family Office Services.

Gold Price outlook: Experts' strategy for spot, MCX gold

According to Amit Jain of Ashika Global Family Office Services, at this juncture, it may not be the most opportune time to enter gold. Investors would be better served by observing how global dynamics unfold before making fresh allocations.

Analysts noted gold prices declined sharply on Wednesday, touching a five-week low, while silver also traded lower. The drop is attributed to profit-taking and liquidation by weaker hands. Meanwhile, a shift toward riskier assets in the broader market continues to pressure safe-haven demand.

"Weakness in the dollar index and uncertainty over long-term trade deal between US and other nations could support metal prices at lower levels. Gold has support at $3130-3100 while resistance at $3200-3220. Silver has support at $31.75-31.55 while resistance is at $32.30-32.65. In INR, gold has support at ₹91,350-90,780 while resistance at ₹92,450-92,690," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.