Gold rate today: Gold prices on the Multi Commodity Exchange (MCX) experienced an uptick, climbing by Rs 102 or 0.14% to reach Rs 72,785 per 10 grams. Similarly, silver prices saw an increase, with MCX May silver contracts rising by Rs 112 or 0.13% to Rs 83,385 per kilogram. These price movements occurred on Friday amidst growing concerns over geopolitical tensions.As per an ET report, Gold June futures settled at Rs 72,683 per 10 grams on Thursday, while silver May futures settled at Rs 83,851 per kilogram, marking a gain of 1.25%. It’s expected that gold will maintain a positive trend in the near future unless geopolitical tensions ease.ExpandIn March, US retail sales data exceeded expectations, with headline retail sales rising by 0.70%, surpassing the forecast of 0.40%. Previous data was also revised higher to 0.90% from the initially reported 0.60%. Consequently, US yields reached their peak levels for 2024, causing gold to drop to $2325. However, gold quickly rebounded due to concerns over Israel’s response to Iran’s attack.Spot gold concluded the day with a gain of approximately 1.80%, closing at $2388. Today, the US Dollar Index (DXY) remained relatively steady near the 106.24 mark, experiencing a marginal increase of 0.09 or 0.08%.ALSO READ | Why is RBI buying gold? Reserve Bank of India purchases nearly 13.3 tonnes of gold in Jan-Feb 2024Gold prices soared above $2,400 per ounce due to heightened demand for a secure investment amidst escalating tensions between Israel and Iran. The price of gold rose by 1.3%, marking its fifth consecutive weekly gain. This surge in gold prices is influenced by reports of explosions in Iran, Syria, and Iraq. It aligns with increased rhetoric following a drone and missile strike, with Iran issuing warnings against attacks on its nuclear facilities and threatening retaliation, explained Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies.Neha Qureshi further added that despite robust job data indicating higher interest rates, typically discouraging investment in non-interest-bearing assets such as gold, geopolitical uncertainties have sustained gold’s attractiveness. Furthermore, robust demand from central banks and Chinese consumers has contributed to the upward trajectory of gold prices. Spot gold rose by 1.1% to $2,404.95 per ounce in early trading in Singapore.According to her analysis, the daily chart shows that June gold futures have formed a bearish engulfing candlestick pattern, indicating a possible downturn. The Relative Strength Index (RSI) has entered the overbought territory and is showing negative divergences, further confirming the bearish outlook. Key resistance levels to monitor are at 73,300 and 73,958, while support levels are at 72,020 and 71,700.Quereshi’s trading strategy for the day is as follows:- Sell MCX June Gold futures at Rs 72,700, with a stop loss set at Rs 73,200, and a price target of Rs 72,000.- Sell MCX May Silver futures at Rs 83,300, with a stop loss set at Rs 84,300, and a price target of Rs 81,300.