Gold rate today (April 3): Yellow metal futures drop after OPEC+ cuts oil output — check spot gold prices in Delhi, Mumbai, and other cities

Gold and silver rates (April 3, 2023): The precious metals – Gold and Silver – witnessed a slide on Monday as global oil producers announced a surprise output cut earlier on the weekend.

On the Multi Commodity Exchange (MCX), Gold futures (June 5) stood at Rs 59,342 per 10 grams, registering a dip of Rs 316 or 0.53 per cent. While silver futures (May 5) were down by Rs 760 or 1.05 percent at Rs 71,811 per kg on the MCX.

In the international market, spot gold was down 0.8 per cent at $1,951.37 per ounce, its lowest in nearly a week. US gold futures shed 0.9 per cent to $1,968.20.

On Friday, the precious metals settled on a mixed note on domestic markets. Gold June futures contract settled at Rs 59,612 per 10 grams with a loss of 0.47 percent while the silver May futures contract settled at Rs 72,218 per kilogram with a gain of 0.62 per cent.

The US economic data released last week were mixed and expectations of cooling off inflation could further support prices of precious metals. Whereas the dollar index is also facing steep resistance amid possibilities of pause in the US Fed interest rate hike cycle.

Similarly, the US 10-year bond yields also slipped below 3.5 per cent once again and supported gold and silver prices.

Gold & silver: Support & resistance

“We expect gold and silver prices to remain volatile this week ahead of the US non-farm employment data and could hold its respective support levels,” Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart said in his comment on precious metals. At MCX, Gold has support at 59,400-59180 and resistance at 59,800-60,060 while silver has support at 71,700-71,220 and resistance at 72,700-73,300, the commodity expert added.

What analysts recommend on gold & silver

IIFL Securities' Anuj Gupta has recommended buying MCX Gold June futures at Rs 59,500, keeping a stop loss of Rs 59,250 and a Target of Rs 60,100.

Meanwhile, the commodity expert has given a ‘buy’ on MCX Silver May futures at Rs 71,500 for a target of Rs 72,800 with a stop loss at Rs 71,000. 

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (22k) in India (April 3, 2023) 

(Disclaimer: These are indicative prices collected from trusted sources. Investors are recommended to check prices with their jeweller before investing/purchasing.)

Click here to catch latest updates on monthly auto sales. Are your favourite cars or motorcycles among the top-selling models?

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.