MCX Gold Price Falls Nearly 1% as Dollar Firms on US-Iran War and Strong US Jobs Data
- 6th April 2026
- 05:15 PM
- 3 min read
Summary
MCX gold June futures dropped ₹1,400, or nearly 1%, to ₹1,48,298 per 10 grams in early trade on 6 April 2026. MCX silver May contracts fell over ₹2,800, or more than 1%, to ₹2,29,651 per kg. A stronger dollar, Brent crude near $110 per barrel, and robust US jobs data all weighed on precious metals on the MCX on Monday morning. Gold prices on the MCX declined nearly 1% on Monday morning as a stronger US dollar, surging crude oil prices driven by the ongoing US-Iran war, and strong US nonfarm payrolls data reduced expectations of a Federal Reserve rate cut this year.Mumbai | 6 April 2026
Why Did MCX Gold and Silver Prices Fall Today?
Multi-Commodity Exchange of India (MCX) gold June futures and silver May contracts both fell sharply in early trade:
- MCX gold June futures: down ₹1,400 (nearly 1%) to ₹1,48,298 per 10 grams
- MCX silver May contracts: down over ₹2,800 (more than 1%) to ₹2,29,651 per kg
- The dollar index remained above 100, making gold more expensive in overseas markets
- Profit booking added to downward pressure on both metals
How Is the US-Iran War Affecting Gold Prices?
The US-Iran war, which began on 28 February 2026 and entered its sixth week on Monday, has kept crude oil prices elevated. Brent crude traded near $110 per barrel on Monday morning, a multi-year high.
Since crude oil is traded in dollars, higher commodity prices increase demand for the dollar. A stronger dollar makes gold more expensive for international buyers and typically weighs on prices. Gold rates have fallen roughly 12% since the US-Iran conflict began, as surging energy prices fuelled inflation concerns and raised expectations of interest rate increases.
What Did US Jobs Data Do to Rate-Cut Expectations?
US nonfarm payrolls rose by 1,78,000 jobs in March, the most since December 2024, according to Reuters. The unemployment rate fell to 4.3%. The strong data further reduced prospects of a Federal Reserve rate cut in the near future, which was already under pressure due to inflation fears from rising crude oil prices. Rate cuts typically support gold, as lower interest rates reduce the cost of holding the non-yielding metal.
What Are the Key Levels to Watch on MCX?
| Metal | Support | Resistance |
| MCX gold (₹/10g) | ₹1,47,200 / ₹1,45,500 | ₹1,51,100 / ₹1,53,350 |
| MCX silver (₹/kg) | ₹2,28,000 / ₹2,22,400 | ₹2,37,700 / ₹2,42,200 |
Internationally, gold has support at $4,620 and $4,580 per troy ounce, with resistance at $4,720 and $4,770. Silver has support at $70.70 and $68, with resistance at $76 and $78.40 per troy ounce.
Outlook
Analysts expect gold and silver prices to remain volatile this week, with the dollar index, rising crude oil prices, and the US-Iran war all acting as key variables. Analysts suggest short-term traders consider booking profits on rises and wait for corrective dips before initiating fresh long positions. MCX gold June futures may weaken to ₹1,47,500 per 10 grams if the current trend continues, with resistance placed at ₹1,49,500 per 10 grams.
Stay updated on Indian equity and commodity markets. Read more market news on PL Capital →
