Gold rate today: Yellow metal falls below ₹86,000 per 10 grams; silver price slips below ₹98,000 on MCX

Gold prices on Multi Commodity Exchanges of India (MCX) opened lower on Friday, tracking losses in international bullion prices. MCX gold rate opened lower by ₹294, or 0.34%, at ₹85,740 per 10 grams as against previous close of ₹86,034.

At 2:00 PM, MCX gold April futures price was trading down by ₹94.00, or 0.11%, at ₹85,940 per 10 grams. MCX silver May futures prices also traded lower by ₹81, or 0.08%, at ₹98,060 per kg. Silver prices opened lower at ₹97,956 as against previous close of ₹98,141 level.

International gold prices fell, but were on track for a weekly rise as uncertainty around the US President Donald Trump’s tariff plans firmed demand for bullion.

Spot gold declined 0.3% to $2,900.48 an ounce. Bullion has gained 1.6% so far this week. US gold futures fell 0.6% to $2,908.70.

“MCX gold price is failing to cross ₹86,500 level, while international bullion is holding below the $2,956 level even when the dollar index has corrected. The tariff war is capping gains in the gold prices. However, data shows gold ETF buying remains constant,” said Ajay Kedia, Director, Kedia Advisory.

Meanwhile, investors will watch out for the US non-farm payrolls data later in the day, which is expected to influence the US Federal Reserve’s interest rate decision.

Gold is seen as a hedge against political risks and inflation, but higher-for-longer interest rates dampen the non-yielding asset’s appeal.

Federal Reserve Governor Christopher Waller said he leans strongly against a rate cut at the Fed’s upcoming policy meeting this month, although he reckons cuts later in the year remain on track if inflation pressures continue to abate, Reuters reported.

Should you buy or sell gold?

According to Ajay Kedia, gold prices may see technical profit booking in the short term and the yellow may give traders an opportunity to go short.

“Traders can sell gold around ₹86,000 - 86,200 levels, keeping a stop loss at ₹86,600. Gold may find support around ₹85,000 level. Meanwhile, if silver prices fail to breach resistance of ₹99,200, we may see profit booking and MCX silver prices may fall to ₹94,000 level in the near term. Support for silver is placed at ₹95,500 level,” Kedia said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.