Gold prices showed a lackluster performance on March 24 due to a combination of profit booking, a rising dollar, and muted demand in the spot market. As of around 9:10 AM, MCX Gold for April 4 contracts traded 0.08% lower at ₹87,705 per 10 grams. This marks a decline of over ₹2,000 from the all-time high of ₹89,796 per 10 grams, which was hit just a few days earlier, on March 20.
Factors Impacting Gold Prices
Several factors have been influencing gold’s movement recently. Domestic gold rates have surged by 14% this year, driven by global uncertainty, fears of a US recession due to President Donald Trump’s tariff policies, and expectations of rate cuts by the US Federal Reserve. A weaker dollar index, along with continuous buying by central banks and strong demand in key markets like China and India, have also played a role in boosting gold prices.
However, today’s trading environment sees gold under pressure, with the dollar rising to a three-week high. Since gold is priced in dollars, its rise makes gold more expensive for buyers using other currencies, which can dampen demand for the precious metal.
Technical Levels for Gold and Silver
Experts are generally optimistic about gold’s medium-term prospects, but the short-term remains volatile due to factors like the US trade war and fluctuating dollar dynamics.
Support and Resistance Levels
Gold (International): Support at $3,000-$2,984, with resistance at $3,044-$3,055 per troy ounce.
Silver (International): Support at $33.15-$32.80, with resistance at $33.74-$34.00 per troy ounce.
MCX Gold: Support at ₹87,400-87,140, with resistance at ₹88,000-88,360.
Silver (MCX): Support at ₹97,100-96,400, with resistance at ₹98,650-99,400.
Trading Strategy
Gold (MCX): Experts suggest selling gold if prices rise to ₹88,100, with a stop loss at ₹88,440 and a target of ₹87,400.
Silver (MCX): For silver, support is at ₹96,750-96,050, with resistance at ₹98,720-99,550.
Outlook for Gold
While the market is facing some short-term pressure, experts remain positive about the medium-term outlook for gold. Persistent concerns regarding economic slowdowns, Trump’s tariff policies, geopolitical risks, and potential rate cuts by the US Federal Reserve are expected to provide ongoing support for gold prices. The key levels of ₹87,400-87,140 for support and ₹88,000-88,360 for resistance will be crucial for MCX Gold in the near term.
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?
