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

By Admin

28 Apr, 2025

Gold Prices Dip Amid Global Developments

Gold prices witnessed a dip in the domestic futures market early Monday due to easing concerns over the US-China trade war and a stronger US dollar. As of 9:05 AM, MCX Gold June contracts were trading 0.18% lower at ₹94,818 per 10 grams. The global sentiment around safe-haven assets weakened as trade tensions appeared to soften, leading to a broader sell-off in precious metals.

Global Gold Rates Reflect Decline

International gold prices also dropped by over 1% on Monday. The easing of US-China trade tensions reduced the need for safe-haven investments like gold. According to media reports, US President Donald Trump mentioned that discussions were ongoing with China to secure a favorable trade deal. However, he firmly stated that the US would not roll back tariffs on China without significant concessions. Meanwhile, China, despite exempting some US imports from its heavy tariffs, dismissed Trump's claims about the progress of negotiations.

Dollar’s Strength Puts Additional Pressure

Adding to the downward pressure on gold, the US dollar index climbed nearly 0.3%, making gold more expensive for buyers using other currencies. A stronger dollar typically reduces the appeal of dollar-denominated commodities, including gold.

Key Economic Data to Watch This Week

Investors are closely monitoring key economic events this week, including the US Job Openings report on Tuesday, the Personal Consumption Expenditures report on Wednesday, and the Non-Farm Payrolls report on Friday. These indicators are expected to shape the market's expectations regarding the US Federal Reserve’s future interest rate decisions, potentially impacting gold prices further.

MCX Gold: Experts Share Key Levels and Strategy

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold and silver prices are likely to remain volatile this week, influenced by fluctuations in the dollar index and upcoming US economic data releases.

• For Gold (International Market):
  
  

• Support: $3,300 - $3,274 per troy ounce
  
  

• Resistance: $3,358 - $3,380 per troy ounce
  
  

• For Silver (International Market):
  
  

• Support: $32.66 - $32.30
  
  

• Resistance: $33.30 - $33.70
  
  

• For MCX Gold (INR):
  
  

• Support: ₹94,400 - ₹93,660
  
  

• Resistance: ₹95,500 - ₹96,040
  
  

• For MCX Silver (INR):
  
  

• Support: ₹95,800 - ₹95,150
  
  

• Resistance: ₹97,000 - ₹97,750
  
  

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

Rahul Kalantri, VP of Commodities at Mehta Equities, shared similar views:

• Gold (International Market):
  
  

• Support: $3,265 - $3,240
  
  

• Resistance: $3,325 - $3,355
  
  

• Silver (International Market):
  
  

• Support: $32.65 - $32.40
  
  

• Resistance: $33.25 - $33.50
  
  

• Gold (INR):
  
  

• Support: ₹94,250 - ₹93,580
  
  

• Resistance: ₹95,450 - ₹94,490
  
  

• Silver (INR):
  
  

• Support: ₹95,380 - ₹94,550
  
  

• Resistance: ₹97,150 - ₹97,950
  
  

Conclusion

With easing trade war worries, a stronger dollar, and a busy economic calendar ahead, gold prices are expected to experience notable volatility. Traders and investors are advised to stay alert to key support and resistance levels while closely monitoring global economic developments that could influence the precious metals market.