Amid persisting geopolitical tensions between the US and Iran, gold experienced higher on MCX trading sessions on September 30. October gold futures increased by 0.79% to reach Rs. 1,49,999 per 10 grams, whereas September silver futures climbed 0.22% to settle at Rs. 2,25,947.
Simultaneously, Brent crude futures moved up 0.45% to reach USD 103 per barrel. Additionally, US West Texas Intermediate (WTI) ticked up 0.09% to stand at USD 89.46 per barrel.
Domestic Gold Prices
Rates for 24K gold increased by Rs. 77, bringing the price to Rs. 1,49,570 per 10 grams, and 22K gold grew by Rs. 70 to reach Rs. 1,37,100. Looking at regional pricing, Mumbai and Kolkata both recorded rates of Rs. 1,49,570, while Delhi stood at Rs. 1,48,940 and Chennai reached Rs. 1,49,570.
US Gold Prices
Globally, US gold prices tracked toward a monthly decline. Market sentiment was pressured by expectations of higher interest rates, with investors keenly watching for upcoming US inflation data to provide direction on the Federal Reserve’s next policy decisions. Spot gold dipped 0.03% to USD 4,181.03 per ounce, while US gold futures went up by 0.81% to USD 4,213.50.
In other metals, spot silver dropped 0.50% to USD 61.17 per ounce, platinum declined 0.28% to USD 1,708.95, and palladium held steady at USD 1,225.07.
Also Read: India Gold Imports Could Hit USD 90B as Kotak Warns on CAD Risk
Key Levels to Watch
Data from the CME Group’s FedWatch Tool indicates that markets currently price in a 47% probability of a Federal Reserve rate hike in October, marking a steep drop from the more than 70% chance registered the previous day. This shift followed remarks from New York Fed President John Williams, suggesting that policymakers may only require one additional rate increase this year to steer inflation back toward the central bank’s target of 2%.
XAU/USD is currently changing hands at USD 4,175, continuing its retreat beneath all major simple moving averages and maintaining a near-term bearish outlook. Overhead dynamic resistance is marked by the 21-day SMA at USD 4,320, the 50-day SMA at USD 4,322, the 100-day SMA at USD 4,288, and the 200-day SMA at USD 4,322.
The 14-period Relative Strength Index sits near 40, lingering beneath neutral levels and indicating persistent downward momentum. For immediate resistance on the upside, levels align near the descending trend line at USD 4,312.54, followed by a tight grouping of short- and medium-term SMAs. Support on the downside rests firmly at USD 4,000.
