Multi Commodity Exchange Trends: While the US dollar strengthened against the Indian National Rupee (INR) and the Dollar Index held above the critical 102 levels, the gold rate today saw profit-booking in the early morning session. 
Within a few minutes of the commodity market's opening bell, the April 2023 gold futures contract on the Multi Commodity Exchange (MCX) touched an intraday high of Rs. 59,546 per 10 gm. The contract opened with a downside gap at Rs. 59,490 per 10 gm. But, when the value of the US dollar increased, the gold price began to lose its luster and dropped to an intraday low of Rs. 59,405 in early morning trading.

Gold's price is currently under pressure due to profit-booking as the US dollar has had a recovery rebound after hitting a 7-week low on Thursday. They claimed that the price of gold is currently holding above the early morning levels of USD 1,990 per ounce and is presently in the USD 1,980 to 42,010 per ounce area. With an intraday target price of Rs. 59,900 per 10 gm on the MCX, they suggested traders to purchase gold at about Rs. 59,300 levels.

Vice President of Research at IIFL Securities, Anuj Gupta, discussed the cause of the current decline in the price of gold "The US dollar is experiencing a recovery bounce after hitting 7-week lows on Thursday transactions, and the psychological 102 level has once more been attained by the Dollar Index. But, this US dollar relief rally is only temporary, and it could correct further or even break through the current support level of 100. Investors in gold are therefore recommended to stick to their buy on dips approach and refrain from taking any new positions at the moment."

Rupee Verus Dollar: As per Anuj Choudhary, a research analyst at Sharekhan by BNP Paribas, it is noted: "We anticipate that the Indian Rupee would trade with a modest negative bias because to the weak Dollar and a potentially supportive FOMC. Also, a dovish FOMC might help the local currency by supporting global shares. Sharp rupee advances, however, may be restrained by selling pressure from foreign investors and month Dollar demand from importers. The projected trading range for the spot price of the USD-INR is 81.60 to 82.70."

Outlook for bullions: Market analyst Sugandha Sachdeva provided the following prognosis for gold prices: "The overall trend for gold is good, but it will be challenging to quickly surpass the ceiling of USD 2,000 per ounce, and only a weekly close above that level will signal additional gains in the precious metal. The mark of Rs. 58,500 per 10 gm and then Rs. 58,000 per 10 gm serve as downside supports."

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