Gold Rate Today: MCX Gold Prices Slip on Profit Booking as Strong Dollar Weighs
Gold Price Movement on April 7
Gold prices on the Multi Commodity Exchange (MCX) declined on Tuesday, April 7, as profit booking weighed on the yellow metal. The fall comes amid continued strength in the US dollar, which has remained above the 100 mark, limiting upside in gold.As per the latest available data, MCX gold futures (June 5, 2026 expiry) were trading at ₹1,49,841 per 10 grams, down ₹140 or 0.09% in intraday trade. The previous close stood at ₹1,49,981.
Strong Dollar Pressures Gold Prices
The decline in gold prices is primarily attributed to the sustained strength in the US dollar index. A stronger dollar typically makes gold more expensive for holders of other currencies, reducing demand and putting pressure on prices.Intraday Trend and Key Levels
During the session, gold prices showed mild volatility with a downward bias. The intraday chart indicated a brief uptick early in the session, followed by a gradual decline.- Day range: ₹1,49,625 to ₹1,50,000
- Average price: ₹1,49,782.72
- Volume traded: 133 lots
- Open interest: 7,168 lots
Crude Oil Remains Firm Amid Geopolitical Tensions
While gold prices faced pressure, crude oil prices remained elevated amid geopolitical concerns. Statements related to Iran by former US President Donald Trump have kept tensions high, supporting oil prices and adding to broader market uncertainty.Market Outlook
Gold continues to face resistance due to currency strength and profit booking activity. At the same time, geopolitical developments are influencing overall commodity market sentiment, keeping traders cautious in the near term.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.