Gold price today: Gold rate climbed in the domestic futures market Monday (25 May) morning amid a decline in the US dollar following a drop in crude oil prices driven by rising optimism over a potential US-Iran peace deal.
MCX gold June futures were 0.40% up at ₹1,59,315 per 10 grams, while MCX silver July futures were 1.44% up at ₹2,75,750 per kg around 9:05 am.
The dollar index declined by nearly 0.30%, making greenback-denominated bullion cheaper for buyers in other currencies.
The dollar index declined after crude oil prices fell by more than 5%, with the benchmark Brent Crude trading below $98 per barrel, as reports suggested that a peace deal between the US and Iran could be finalised in the near future.
US President Donald Trump on Saturday announced significant progress in a peace deal with Iran as he confirmed that the agreement would reopen the Strait of Hormuz.
Media reports suggested that a framework agreement over Tehran’s nuclear program is almost complete, even though key details regarding the country’s nuclear stockpile and the Strait of Hormuz remain unresolved.
“A weaker US dollar and softer Treasury yields further supported bullion prices, while expectations that any agreement could ease tensions around the Strait of Hormuz added to the recovery sentiment. Still, traders remained cautious after U.S. President Donald Trump stated there was no urgency to finalise the deal, keeping overall market volatility elevated,” Ravi Singh, Chief Research Officer (Research) at Master Capital Services, observed.
Singh pointed out that despite the recent pullback, the broader trend remains bullish as prices continue to hold above all key EMAs on the daily chart, indicating underlying buying strength.
“Immediate resistance is now placed near the ₹1,60,000 mark, followed by a stronger hurdle around ₹1,63,000. On the downside, immediate support is seen near ₹1,57,500, while a break below this zone could trigger extended profit-booking toward ₹1,54,000. Until a decisive breakout on either side, range-bound movement is likely to continue,” said Singh.
Manoj Kumar Jain of Prithvifinmart Commodity Research pointed out that gold has support at $4,500 and $4,467, while resistance is at $4,555 and $4,600 per troy ounce, and silver has support at $74.20 and $72, while resistance is at $78.80 and $80.40 per troy ounce in today’s session.
MCX gold has support at ₹1,57,700 and ₹1,56,650, and resistance is at ₹1,59,850 and ₹1,61,100, while silver has support at ₹2,70,000 and ₹2,65,500 and resistance at ₹2,76,000 and ₹2,81,000, said Jain.
“We suggest buying gold in the range of ₹1,58,500 to ₹1,57,700 with a stop loss below ₹1,56,650 for the target of ₹1,59,350 and ₹1,60,300,” said Jain.
“Last Tuesday, we suggested buying silver around ₹2,71,000- ₹2,67,000 with a stop loss below ₹2,63,000 for the target of ₹2,81,000 and ₹2,85,000. Those holding long positions in silver as per the given recommendations are suggested to strictly maintain the given stop loss and book profits around the given target levels,” Jain said.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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