Gold rate today: Gold prices dip by Rs 150 per 10 grams as dollar index strengthens – Times of India-OxBig News Network

Gold rate today: Gold and silver prices experienced a decline due to profit taking as the dollar index strengthened. At MCX, Gold June futures initiated trading at Rs 96,020/10 grams, down by 0.15% or Rs 148.Similarly, silver July futures began trading lower at Rs 96,136/kg, showing a decrease of Rs 376 or 0.39%.The domestic market witnessed negative closings for both precious metals on Thursday. Gold June futures settled at Rs 96,168 per 10 grams, whilst silver July futures concluded at Rs 96,512 per kilogram following profit booking.“Gold and silver witnessed profit taking on Thursday amid a rebound in the dollar index along with the US-UK trade deal agreement. Gold prices have tumbled almost 4% in the last two days to $3,311, breaching key support levels and triggering technical selling pressure,” noted Rahul Kalantri, VP Commodities at Mehta Equities according to an ET report.Kalantri observed that the US Dollar Index increased by 0.85% to 100.71, affecting gold prices for other currency holders. Additionally, whilst the Fed maintained steady rates, Powell’s conservative approach regarding rate cuts resulted in higher treasury yields.The robust central bank purchasing from China, Poland, and the Czech Republic in April provided support. In the Indian context, the declining rupee offered additional backing to bullion prices.Currently, the US Dollar Index (DXY) stands near 100.66, showing a modest gain of 0.02 or 0.02%.According to Kalantri, MCX gold support levels are at Rs 95,550-94,980, with resistance at Rs 96,650-97,040. For silver, support exists at Rs 95,380-94,550, whilst resistance stands at Rs 97,250-97,950.