Blitz Bureau
NEW DELHI: Gold prices in India dipped nearly 17 per cent below their record peak, as they ended the week on a positive note, but the broader trend reflects pressure on bullion.
The COMEX gold price settled at $4,679.70 per ounce, while on the domestic front, MCX gold closed at Rs 1,49,650 per 10 grams. This places gold prices in India around Rs 31,000 lower than their all-time high of Rs 1,80,779 per 10 grams.
Market experts said that the ongoing geopolitical uncertainty initially boosted gold’s appeal as a safe-haven asset. However, sentiment shifted after US President Donald Trump’s address dashed hopes of a ceasefire in the US-Iran conflict. “Markets now shift focus to key US data including Non-Farm Payrolls, ADP employment, and unemployment rate, which could drive sharp volatility,” an analyst stated.
From a technical perspective, experts said that the support is seen near Rs 148000, while resistance is placed around Rs 155000. The escalation triggered a sharp rally in crude oil prices, which in turn strengthened the US dollar and reignited inflation concerns globally. A stronger dollar typically makes gold more expensive for holders of other currencies, thereby capping its upside.
Analysts noted that this dynamic has played a key role in preventing gold from testing its previous highs despite heightened geopolitical risks. Adding to the pressure, recent US economic data has pointed to resilience in the world’s largest economy. Better-than-expected nonfarm payroll numbers indicated that the labour market remains strong, which could ease immediate concerns around a slowdown.
