Gold price today: Rates drop on weak global cues, dollar’s volatility; experts highlight key levels for MCX Gold

Gold price today: Gold rates declined in the domestic futures market in the morning session on Friday, April 4, amid volatility in the dollar index and weak spot demand. MCX Gold for June 5 contracts traded 0.59 per cent down at ₹89,524 per 10 grams around 9:40 AM.

International gold prices also declined after US President Donald Trump's tariff measures. On April 2, Trump announced reciprocal tariffs on more than 180 countries along with a 10 per cent baseline tariff on all imports to the US.

Trump's tariff announcements triggered a sharp selloff in equities and safe-haven gold due to heightened uncertainty on the implications of tariff moves. Gold prices fell to their lowest level in a week, while silver reached a five-week low. The US stock markets, dollar index, and 10-year bond yields also experienced a substantial decline.

"While the President exempted precious metals from the new tariffs, the overall negative sentiment across financial markets exerted downward pressure on bullion," said Rahul Kalantri, VP of commodities at Mehta Equities.

Bullion investors are grappling with mixed signals. On one hand, economic uncertainty typically boosts demand for gold. On the other, Trump’s proposed tariffs have stoked fears of higher inflation—another factor that usually supports gold prices. However, if inflation remains elevated, the US Federal Reserve may not cut interest rates, which would weigh heavily on gold.

Experts highlight key levels for MCX Gold, Silver

According to Kalantri, gold has support at $3,072-3,040 and resistance at $3,112-3,135. Silver has support at $31.28-31.00 and resistance at $32.00-32.22.

In INR, gold has support at ₹89,960-89,350 and resistance at ₹90,710-90,990. Silver has support at ₹93,600-92,550 while resistance at ₹95,200-95,950, said Kalantri.

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week, given the volatility in the dollar index and the global trade war.

He suggests waiting for some stability in the markets before initiating fresh positions.

"Gold has support at $3,088-3,044, while resistance at $3,145-3,177 per troy ounce and silver has support at $31.40-30.88, while resistance is at $32.40-33.00 per troy ounce in today’s session," said Jain.

"MCX Gold has support at ₹89,360-88,800 and resistance at ₹90,700-91,200, while silver has support at ₹93,150-91,800 and resistance at ₹95,200-96,600," said Jain.

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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.