As of 5:00 am, spot gold in the international market was up 0.3 per cent, or USD 15, trading at USD 4,755.59. Prices were on track to rise for the second consecutive session.

A weaker US dollar, down 0.1 per cent to 98.35, typically supports gold, as it becomes cheaper for non-USD buyers and is often viewed as a hedge against currency weakness.

MCX trading halted for Ambedkar Jayanti

On the domestic front, commodities trading on the Multi-Commodity Exchange (MCX) remained halted during the morning session on account of Dr Baba Saheb Ambedkar Jayanti, with trading set to resume in the evening session.

Gold futures for June delivery on the MCX settled 0.1 per cent, or Rs 89 lower, at Rs 1,51,983.

Geopolitical tensions and oil prices in focus

Market sentiment remains volatile amid ongoing geopolitical uncertainty. According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, volatility continues to dominate the market.

At the geopolitical level, a US military blockade of Iran's ports and coastal areas came into effect at 10 am ET. However, ships are still allowed to transit the Strait of Hormuz if travelling between non-Iranian ports. Reports also suggest that the US and Iran continue to communicate despite failed talks last week.

Meanwhile, oil prices have remained below USD 100, which is beneficial for gold. Lower oil prices can ease inflationary pressures, increasing the likelihood of interest rate cuts, an environment that typically supports gold prices.

"It's a very headline-driven market. All eyes are on crude oil, as it will influence inflation and, in turn, Federal Reserve policy," said Phillip Streible, Chief Market Strategist at Blue Line Futures.

Gold Price Outlook

In the near term, gold is expected to trade within a range of Rs 1,48,500 to Rs 1,52,500, Trivedi added.

City-wise 24K, 22K and 18K Gold rate (Per 10 Grams)

Gold prices remain largely uniform across major Indian cities, with 24-carat rates hovering around Rs 1,52,000-1,53,000 per 10 grams. Chennai records the highest prices. Minor variations exist in 22-carat and 18-carat rates, while anomalies in Trivandrum and Kolkata suggest possible data inconsistencies. Overall, the trend reflects stable, range-bound pricing nationwide.

Today gold rate by IBJA

The India Bullion and Jewellers Association (IBJA) sets the daily "base price" of gold in India, which serves as the national benchmark for bullion rates. In simple terms, IBJA rates act as the reference price across the country. Below is a breakdown of gold prices based on different purity levels (carats) as defined by IBJA.

The above prices are as of April 13 and will remain unchanged today due to a market holiday.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)

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