Gold price today: MCX gold continues to fall due to profit booking and a strong dollar, with ongoing pressure on prices and volatile market trends.’

Gold Price Today: Gold prices witnessed a decline in the domestic futures market on May 29, as persistent profit booking and a stronger US dollar continued to weigh on sentiment. The precious metal extended losses for the second consecutive session amid expectations of higher interest rates by the US Federal Reserve.

On the Multi Commodity Exchange (MCX), June gold futures slipped by around 0.21%, trading near ₹1,56,600 per 10 grams. Meanwhile, July silver futures also declined by 0.38%, hovering near ₹2,68,500 per kilogram.

Why Are Gold Prices Falling?

The weakness in gold is largely driven by macroeconomic signals from the United States. A stronger US Dollar Index, supported by inflation data, has reduced demand for safe-haven assets like gold.

Recent data showed the US Personal Consumption Expenditure (PCE) Price Index rose 3.8% year-on-year in April, marking its highest level since May 2023. This has increased expectations that the US Federal Reserve may maintain or even raise interest rates in the coming months.

Higher interest rates typically strengthen the dollar and reduce the appeal of non-yielding assets like gold.

In addition, crude oil prices also witnessed a decline, with Brent crude falling toward $92 per barrel. Reports suggesting a potential US-Iran agreement have further influenced global commodity sentiment.

MCX Gold and Silver Levels

According to market experts, volatility is expected to continue in the near term.

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Gold (MCX June Futures)

Support: ₹1,56,100 and ₹1,55,500
Resistance: ₹1,57,700 and ₹1,58,650

Silver

Support: ₹2,65,500 and ₹2,61,000
Resistance: ₹2,74,400 and ₹2,78,000

On global markets:

Gold support: $4,500 and $4,467 per ounce
Resistance: $4,574 and $4,600 per ounce
Silver support: $72 and $74.40 per ounce
Resistance: $78.80 and $80.40 per ounce

Investment Strategy: What Should Traders Do?

Market experts suggest cautious trading amid ongoing volatility. According to analysts, MCX gold may test lower levels near ₹1,56,000 per 10 grams, while intraday resistance remains around ₹1,57,700.

Commodity researcher Manoj Kumar Jain of PrithviFinmart noted that traders should consider booking profits on every rise in gold and silver, especially amid weekend session uncertainty and geopolitical developments such as US-Iran peace negotiations.

Experts recommend avoiding aggressive long positions and focusing on short-term profit booking strategies in the current market environment.