New Delhi, March 13 (IANS) Gold and silver prices opened flat but dipped marginally on Friday, amid profit‑taking capped after recent record highs and strengthening of US dollar.
MCX gold April futures lost 0.14 per cent to Rs 1,60,046 per 10 grams around 11.10 am on an intraday basis. Meanwhile, MCX silver May futures declined 0.19 per cent to Rs 2,67,448 per kg.
However, the decline was capped by safe‑haven demand amid the ongoing US‑Iran war, and high crude prices kept underlying support intact.
Gold today mainly driven by US‑Iran war news, the US dollar rate, and oil price movements, analysts said adding that crude oil’s bull trend, fuelled by the blockade in the Strait of Hormuz, is aiding the petro‑dollar system, with gold moving inversely to oil and dollar rates.
Persistent tensions in the US-Israel conflict with Iran continued to fuel higher energy prices and inflation concerns, prompting stronger flows into the U.S. dollar and bond yields, said Manav Modi Commodities Analyst Motilal Oswal Financial services Ltd.
Despite ongoing geopolitical uncertainty, bullion struggled to gain traction as a firmer dollar, rising yields, and uncertainty surrounding the Federal Reserve’s policy outlook weighed on sentiment, he added.
Ponmudi R, CEO of Enrich Money, said the gold has entered a short-term corrective phase after recently touching record highs, though the broader bullish framework remains intact. The current consolidation has pushed prices below some short-term moving averages, signaling a temporary pause in momentum, he added.
Broader weakness in global equity markets also contributed to pressure on gold, as investors liquidated positions to raise cash and meet margin calls during sharp market volatility.
The US dollar strengthened 0.07 per cent on an intraday basis to 99.81 cent, making dollar‑priced bullion expensive for holders of other currencies.
Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) dropped 0.67 per cent to $95.09 per barrel.
US Secretary of Treasury, Scott Bessent, said on X that “To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea”.
“MCX Gold has support at Rs 1,56,000 to Rs 1,57,000 zone while resistance at Rs 1,75,000 and Rs 1,80,000 levels. MCX silver has support at Rs 2,58,000 and Rs 2,60,000, and resistance is at Rs 2,78,000 and Rs 2,80,000,” an analyst said.
–IANS
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