On October 5, gold moved downward on the MCX, influenced by shifts in the US dollar and geopolitical events. December gold futures decreased by 0.76% to settle at Rs. 1,49,251 per 10 grams, whereas December silver futures increased by 0.36% to Rs. 2,26,679.
At the same time, Brent crude futures declined by 0.86% to USD 101.4 per barrel, and US West Texas Intermediate (WTI) fell by 1.31% to USD 89.92 per barrel.
Domestic Gold Prices
24K gold dropped by Rs. 577 to reach Rs. 1,47,499 per 10 grams, and 22K gold decreased by Rs. 529 to Rs. 1,35,109. Looking at specific cities, Mumbai and Kolkata recorded prices matching Rs. 1,47,499, while Delhi stood at Rs. 1,49,403 and Chennai at Rs. 1,40,747.
US Gold Prices
US gold prices ticked upward on Monday following recent soft economic data that significantly reduced expectations for a Federal Reserve rate hike in October, thereby boosting the attractiveness of the non-yielding asset.
Spot gold advanced 0.4% to reach USD 4,158.17 per ounce, while US gold futures for December delivery climbed 0.6% to USD 4,186.40.
Spot silver moved up 1.7% to USD 61.40 per ounce, platinum advanced 0.6% to USD 1,708.48, and palladium increased 0.6% to USD 1,175.04.
Also Read: India Gold Imports Could Hit USD 90B as Kotak Warns on CAD Risk
Key Levels to Watch
“The softer labour market data has helped dial back October Fed hike expectations, which is providing gold some support. But the market is still treating the Fed’s broader hiking cycle as intact even if a pause occurs in October,” said Tim Waterer, Chief Market Analyst at KCM Trade.
“Middle East developments will continue to matter for gold, particularly through their impact on oil prices and the broader inflation outlook. Volatility is likely to remain elevated while oil, yields, and Fed expectations stay in flux,” he further added.
HSBC adjusted its average 2026 gold forecast downward to USD 4,490 per ounce from USD 4,560 and lowered its 2027 forecast to USD 4,825, pointing to expectations of additional US rate hikes and elevated oil prices.
Goldman Sachs kept its end-2027 forecast unchanged at USD 5,400.
From a technical standpoint, gold is seeing new buying interest alongside a 1.50% increase in open interest. Gold is gaining support near Rs. 1,49,570, and if it breaks and sustains below this threshold, prices could slide toward Rs. 1,48,750. Conversely, resistance is positioned near Rs. 1,50,975, and a clear breakout above it could drive prices higher toward Rs. 1,51,560.
