Gold Prices Drop Amid Stronger Dollar and Higher Yields

Gold prices dropped by 1.16% on a weekly basis due to higher US Treasury yields and a stronger dollar, which reduced demand for safe-haven investments.

The MCX gold August futures gained 0.06% on Friday, while the MCX silver September futures dipped 1.13%. The current prices of gold futures stand at Rs 1,41,599 per kg, while silver futures stood at Rs 2,17,488 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,42,860 on Friday, down from the opening price of Rs 1,44,532 on Monday. An analyst noted that 'silver was comparatively steady, trading within a relatively narrow range,' while the broader precious metals complex maintained a cautious tone.

Market participants expect a sustained ceasefire to ease pressure on energy prices and improve risk sentiment, potentially supporting precious metals. Immediate resistance for Comex Gold is placed at $4,160-$4,180, while support lies at $4,090-$4,070. For MCX Gold, immediate resistance is placed at Rs 1,44,000-Rs 1,44,300, with support lying at Rs 1,43,000-Rs 1,43,300.