Gold prices in the domestic futures market saw a slight dip on Monday morning due to profit booking, following last session’s record high. Despite this pullback, the broader outlook for gold remains bullish, driven by geopolitical tensions, global economic concerns, and expectations of a US Federal Reserve rate cut.
MCX Gold Price Movement
MCX Gold (April 4 contracts) fell 0.26% to ₹87,760 per 10 grams at 10:25 AM.
The price had touched an all-time high of ₹88,310 per 10 grams in the previous session.
Gold prices have surged 14% YTD (Year-to-Date), outperforming India’s stock market (Nifty 50 is down over 5%).
Key Factors Driving Gold Prices
Geopolitical Tensions: The US military attack on Yemen’s Houthi militants has intensified Middle East tensions, adding to gold’s safe-haven appeal.
Trade War & Inflation Fears: Tariffs introduced by the Trump administration have sparked concerns over rising inflation, further boosting gold demand.
Economic Slowdown in the US: US consumer sentiment has hit a 2.5-year low, fueling speculation of a potential economic downturn.
Gold & Silver Trading Strategy for MCX
Manoj Kumar Jain (Prithvifinmart Commodity Research) suggests a buying strategy for silver over gold, citing stronger support levels:
Buy Silver at ₹1,00,000 with Stop Loss (SL) at ₹98,800
Target Price: ₹1,02,000
MCX Gold Technical Levels (Support & Resistance)
Support: ₹87,550 – ₹87,200
Resistance: ₹88,320 – ₹88,600
MCX Silver Technical Levels
Support: ₹1,00,000 – ₹99,200
Resistance: ₹1,01,400 – ₹1,02,000
Rahul Kalantri (Mehta Equities) expects continued bullion price strength amid stagflation fears in the US.
International Gold & Silver Levels
Gold Support: $2,968 – $2,950, Resistance: $3,012 – $3,030
Silver Support: $33.65 – $33.35, Resistance: $34.12 – $34.32
MCX Gold & Silver Levels (INR)
Gold Support: ₹87,640 – ₹87,420, Resistance: ₹88,240 – ₹88,410
Silver Support: ₹99,850 – ₹98,950, Resistance: ₹1,01,820 – ₹1,03,250
Conclusion
Gold remains a strong hedge against uncertainty but may see short-term corrections.
Traders may buy silver for short-term gains while watching for dips in gold.
Key levels to monitor: ₹87,550 support for gold and ₹1,00,000 support for silver.
Related topics：
- What is the Value of 18K Gold?
- Why Does Gold Price Increase During War?
- What is the Best Price Being Paid for Gold Sovereigns?
