MCX Gold Prices Fall as US Dollar Rises Amid US-Iran Tensions, Strong Jobs Data
MCX gold futures fell on the morning of Monday, April 6. Traders pointed to profit booking and a stronger US dollar.
Market movements
MCX gold June futures lost about ₹1,400, or nearly 1%. They traded around ₹1,48,298 per 10 grams in early deals.
MCX silver May contracts declined by more than ₹2,800. They were near ₹2,29,651 per kilogram.
Key drivers
Crude oil prices hit multi-year highs, keeping inflation worries alive. Brent crude traded close to $110 per barrel on Monday.
The dollar index remained above 100. A firmer dollar raised the overseas cost of gold.
US nonfarm payrolls rose by 178,000 in March, the strongest gain since December 2024. The jobless rate fell to 4.3%.
Strong jobs data reduced expectations of an imminent Fed rate cut. That supported the dollar and pressured gold.
MCX Gold Prices Fall as US Dollar Rises Amid US-Iran Tensions, Strong Jobs Data was visible in trading flows.
Geopolitical context
The US-Iran conflict began on February 28. By April 6, it had entered its sixth week.
Escalation in the region kept energy costs elevated. Higher crude helped lift the dollar.
Analyst perspectives
Manoj Kumar Jain of Prithvifinmart Commodity Research urged traders to book profits on rallies. He warned of continued volatility this week.
Jigar Trivedi at IndusInd Securities noted gold had fallen about 12% since the conflict began. He expects further downside in MCX futures.
Support and resistance levels cited by analysts
| Instrument | Support | Resistance |
|---|---|---|
| Gold (global, $/troy oz) | $4,620; $4,580 | $4,720; $4,770 |
| Silver (global, $/troy oz) | $70.70; $68.00 | $76.00; $78.40 |
| Gold (MCX, ₹/10g) | ₹1,47,200; ₹1,45,500 | ₹1,51,100; ₹1,53,350 |
| Silver (MCX, ₹/kg) | ₹2,28,000; ₹2,22,400 | ₹2,37,700; ₹2,42,200 |
Short-term outlook
Analysts recommended booking gains on short-term long positions. They advised waiting for corrective dips to add new longs.
One forecast set MCX gold June futures near ₹1,47,500. Immediate resistance was cited around ₹1,49,500 per 10 grams.
Quick facts
- Date of update: Monday, April 6 (morning).
- MCX gold June: ~₹1,48,298 per 10 grams (down ~₹1,400).
- MCX silver May: ~₹2,29,651 per kg (down >₹2,800).
- Brent crude: near $110 per barrel.
- US nonfarm payrolls: +178,000 in March; unemployment at 4.3%.
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