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Gold price today: Gold rate declined in the domestic futures market on Tuesday (February 17) morning amid profit booking amid a stronger dollar and weak spot demand. MCX gold April contracts dropped by over ₹1,200, or nearly 0.80%, to ₹1,53,532 per 10 grams, while MCX silver March futures declined by more than ₹4,700, or 2%, to ₹2,35,142 per kg.

The dollar index jumped over 2% to 97.15, making greenback-backed bullion expensive for overseas buyers.

Meanwhile, Chinese markets are closed for the week amid the Lunar New Year, and lower volumes in precious metal markets are also limiting gains.

In the previous session, the gold April futures contract settled at ₹1,54,760 per 10 grams with a loss of nearly 1% and the silver March futures contract settled at ₹2,39,891 per kilogram with a loss of nearly 2%.

Gold and silver prices are volatile amid US-Iran deal optimism and a rebound in the dollar index.

The U.S.-Iran nuclear deal talks are ongoing, and the possibility of positive developments is easing safe-haven buying across both precious metals.

Iran's second round of indirect nuclear talks with the US is scheduled for Tuesday.

Experts expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-Iran talks and other geopolitical developments.

Besides, the focus is on the minutes of the US Fed’s last meeting, the advance estimate of US GDP, and PCE inflation data, for cues on the US Fed policy outlook.

Traders are currently pricing in three rate cuts, with the first cut probably in July.

Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said MCX Gold April futures may drop to ₹1,54,000 per 10 grams as the undertone is mildly weak in the US markets.

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,970 and $4,915, while resistance is at $5,045 and $5,080 per troy ounce. Silver has support at $74 and $71.20, while resistance is at $78 and 80.40 per troy ounce in today’s session.

On the MCX, Jain said gold has support at ₹1,53,150 and ₹1,51,800 and resistance is at ₹1,55,500 and ₹1,56,700, while silver has support at ₹2,34,000 and ₹2,28,800, and resistance is at ₹2,44,000 and ₹2,47,700.

"We suggest staying away from taking any trade in silver until markets show stability, but gold can be bought on dips around ₹1,53,800 and ₹1,53,100 zone with a stop loss below ₹1,52,500 for the upside targets of ₹1,55,000 and ₹1,55,800 for strictly intraday trade," Jain said.

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stories by Nishant Kumar

Disclaimer: This story is for educational purposes only. 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.Nishant, Principal Correspondent–Markets at Livemint, has been tracking the Indian stock market and the economy for about 10 years, working with some ...

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