Gold prices fell in the domestic futures market due to easing trade war concerns and a stronger dollar. MCX Gold June contracts were down 0.18% at ₹94,818 per 10 grams around 9:05 AM.

Gold price today: Gold rates declined in the domestic futures market Monday morning on easing trade war worries and dollar’s rise against its peers. MCX Gold June 5 contracts traded 0.18 per cent lower at ₹94,818 per 10 grama round 9:05 AM.

International gold prices also declined by over a per cent on Monday as easing US-China trade tensions weighed on safe-haven demand.

The US dollar index climbed nearly 0.3 per cent, putting pressure on gold demand, making it expensive for buyers in other currencies.

According to media reports, US President Donald Trump has said the US administration was talking to China for a favourable trade deal.

Trump, however, said he would not consider reducing tariffs on China without a major concession.

On Friday, China exempted some US imports from its steep tariffs, though China quickly knocked down Trump’s assertion that negotiations were underway, Reuters reported.

Apart from trade war-related news flows, investors will focus on the US job openings report on Tuesday, Personal Consumption Expenditures on Wednesday, and the non-farm payrolls report on Friday, as they will shape expectations about the US Federal Reserve’s interest rate trajectory. 

MCX Gold: Experts highlight key levels of the Gold price today

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the key US economic data.

“Gold has support at $3,300-3,274, while resistance is at $3,358-3,380 per troy ounce, and silver has support at $32.66-32.30, while resistance is at $33.30-33.70 per troy ounce in today’s session,” said Jain.

“MCX Gold has support at ₹94,400-93,660 and resistance at ₹95,500-96,040, while silver has support at ₹95,800-95,150 and resistance at ₹97,000-97,750,” Jain said.

Jain suggests selling gold on the rise around ₹96,200 with a stop loss of ₹96,850 and a target of ₹94,400.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,265-3,240 while resistance is at $3,325-3,355. Silver has support at $32.65-32.40 while resistance is at $33.25-33.50.

In INR, Kalantri said gold has support at ₹94,250-93,580, while resistance is at ₹95,450-94,490. Silver has support at ₹95,380-94,550 while resistance is at ₹97,150-97,950.