Gold Price Plunges on MCX Amid Profit Booking and Global Uncertainties

Market Update: Gold and Silver Prices Decline on MCX Amid Profit Booking

MCX Gold April Futures: The price of gold declined by ₹600, or 0.40%, to ₹1,60,516 per 10 grams on the Multi Commodity Exchange (MCX) on Thursday, February 26, morning. This decline comes after a healthy gain in the previous session, where the MCX gold April futures contract settled at ₹1,61,145 per 10 grams, rising 0.74%.

MCX Silver March Contracts: The price of silver also declined by ₹5,400, or 2%, to ₹2,62,892 per kg on the MCX. In comparison, the silver's March futures contract closed at ₹2,68,316 per kg in the previous session, gaining nearly 3%.

International Markets: Gold prices declined in international markets as well, with US gold futures April contracts slipping by 0.50%. The dollar index also slipped by 0.20%, making the greenback-backed yellow metal cheaper for overseas buyers.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Market Outlook: Despite the decline in prices, the medium to long-term trend for gold and silver remains bullish. However, investors are booking some profit in precious metals, and the evolving situation between the US and Iran is supportive of gold prices. The US administration's tariffs policy and the impending US-Iran nuclear talks are key triggers for gold prices.

Support and Resistance Levels: According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $5,164 and $5,122, while resistance is at $5,258 and $5,300 per troy ounce. On the MCX, gold has support at ₹1,60,000 and ₹1,57,700, and resistance at ₹1,62,500 and ₹1,64,000. Silver has support at $88 and $84.80, while resistance is at $93.20 and $96 per troy ounce.