Weekly Gold Prices Drop 0.73% Amid Profit Taking and Dollar Strength
Synopsis
In a significant market shift, gold prices fell by 0.73% this week due to profit booking after multi-week highs. Despite the drop, geopolitical tensions and inflation concerns continue to uphold demand for precious metals.
Key Takeaways
Gold prices fell by 0.73% due to profit taking.
The current price for 10 grams of gold is Rs 1,58,399.
Geopolitical tensions continue to support precious metals.
Strong US dollar and rising Treasury yields capped gains in gold.
Resistance and support levels are crucial for market participants.
New Delhi, March 14 (NationPress) Gold experienced a decline of 0.73 percent over the past week, driven by profit taking after reaching multi-week peaks.
On Friday, the MCX gold futures for February fell by 0.04 percent, while the MCX silver futures for March saw a significant drop of 3.24 percent. Presently, gold futures are priced at Rs 1,58,400, and silver futures at Rs 2,59,279 per kg.
The price of 10 grams of 24-carat gold was recorded at Rs 1,58,399 on Friday, down from Rs 1,59,568 at the beginning of the week, as per the latest data from the India Bullion and Jewellers Association (IBJA).
Precious metal prices have struggled to maintain high levels due to a strengthening US dollar and changing expectations regarding interest rates. Nevertheless, the ongoing demand for safe-haven assets, fueled by geopolitical tensions, continues to support the market, according to analysts.
Market observers noted that rising crude oil prices, driven by ongoing supply disruption worries, are likely to keep inflation concerns high, which in turn boosts demand for gold as a hedge against inflation.
As profit-taking occurs intermittently along with intraday reversals across various commodities, market activity around key technical levels remains robust, they added.
In related news, the US military targeted Iranian installations on Kharg Island, a crucial oil export hub for Iran, raising alarms about potential energy supply disruptions.
Analysts pointed out that a strong US dollar combined with increasing US Treasury yields has limited the gains of precious metals over the past week, contrasting with previous patterns where gold and silver prices typically rise during conflicts.
The resistance levels for MCX Gold are now identified between Rs 1,63,000 and Rs 1,63,200, while the demand zone remains firm between Rs 1,58,000 and Rs 1,57,500.
Additionally, MCX Silver has continued its downward trend this week after failing to hold above the Rs 2,80,000–Rs 2,92,000 resistance area, with Rs 2,58,000–Rs 2,54,000 marking the key support range.
Point of View
I observe that the recent fluctuations in gold prices reflect broader economic trends influenced by geopolitical risks and market speculation. While the decline raises concerns, it also highlights the persistent demand for gold as a protective asset during uncertain times.
NationPress
6 Jul 2026
Frequently Asked Questions
What caused the recent drop in gold prices?
The drop in gold prices was primarily due to profit booking after reaching multi-week highs, coupled with a strengthening US dollar.
How much did gold prices fall this week?
Gold prices fell by 0.73% over the week.
What are the current prices of gold and silver futures?
Currently, gold futures are priced at Rs 1,58,400 and silver futures at Rs 2,59,279 per kg.
What factors are influencing the demand for gold?
Geopolitical tensions and inflation concerns are significantly influencing the demand for gold as a safe-haven asset.
What is the support and resistance level for gold?
The resistance for gold is between Rs 1,63,000 and Rs 1,63,200, while the demand zone remains solid between Rs 1,58,000 and Rs 1,57,500.
