Gold price today: Rates decline on easing trade war worries, dollar's rise; experts highlight key levels for MCX Gold

Gold price today: Gold rates declined almost 1 per cent in the domestic futures market in intraday trade on Monday, April 28, on easing trade war worries and the dollar's rise against its peers. MCX Gold June 5 contracts traded 0.54 per cent lower at ₹94477 per 10 grama round 4:35 PM.

International gold prices also declined by over a per cent on Monday as easing US-China trade tensions weighed on safe-haven demand.

The US dollar index climbed nearly 0.3 per cent, putting pressure on gold demand, making it expensive for buyers in other currencies.

The MCX Gold price of June 5 contracts has declined by more than ₹5,000 from its all-time high of ₹99,358 per 10 grams on April 22. With peak anxiety about the trade war behind, and the hopes of rate cuts by the US Federal Reserve fading, gold prices have seen significant profit booking of late. 

"The easing came amid the US opening tariff talks with multiple nations and growing expectations of a possible China-US trade agreement, according to US President Donald Trump. Additionally, optimism around a potential Russia-Ukraine peace deal further weighed on safe-haven demand for gold," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, observed.

According to media reports, US President Donald Trump has said the US administration was talking to China for a favourable trade deal.

Trump, however, said he would not consider reducing tariffs on China without a major concession.

On Friday, China exempted some US imports from its steep tariffs, though China quickly knocked down Trump's assertion that negotiations were underway, Reuters reported.

Apart from trade war-related news flows, investors will focus on the US job openings report on Tuesday, Personal Consumption Expenditures on Wednesday, and the non-farm payrolls report on Friday, as they will shape expectations about the US Federal Reserve's interest rate trajectory. 

MCX Gold: Experts highlight key levels

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the key US economic data.

"Gold has support at $3,300-3,274, while resistance is at $3,358-3,380 per troy ounce, and silver has support at $32.66-32.30, while resistance is at $33.30-33.70 per troy ounce in today’s session," said Jain.

"MCX Gold has support at ₹94,400-93,660 and resistance at ₹95,500-96,040, while silver has support at ₹95,800-95,150 and resistance at ₹97,000-97,750," Jain said.

Jain suggests selling gold on the rise around ₹96,200 with a stop loss of ₹96,850 and a target of ₹94,400.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,265-3,240 while resistance is at $3,325-3,355. Silver has support at $32.65-32.40 while resistance is at $33.25-33.50.

In INR, Kalantri said gold has support at ₹94,250-93,580, while resistance is at ₹95,450-94,490. Silver has support at ₹95,380-94,550 while resistance is at ₹97,150-97,950.

According to Trivedi of LKP Securities, in the near term, gold is expected to trade within a range of ₹93,000– ₹94,500 on the MCX.

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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.