On October 8, gold prices on the MCX moved upward as the greenback softened and high Treasury yields influenced the broader markets. December gold futures increased by 0.43% to reach Rs. 1,49,750 per 10 grams, while December silver futures rose 0.29% to settle at Rs. 2,24,200.
At the same time, Brent crude futures saw an upward movement of 2.17%, hitting USD 102.4 per barrel. US West Texas Intermediate (WTI) climbed 1.82% to reach USD 89.89 per barrel.
Domestic Gold Prices
24K gold was priced at Rs. 1,49,197 per 10 grams, and 22K gold was recorded at Rs. 1,36,664. Looking at regional rates, gold in Mumbai reached Rs. 1,49,346, whereas Delhi registered Rs. 1,49,197 and Chennai stood at Rs. 1,50,539.
US Gold Prices
American gold prices ticked upward on Thursday as the dollar pulled back from an 18-month high, assisting bullion in bouncing back from a two-month low.
Spot gold advanced 0.60% to USD 4,135.60 per ounce. Additionally, US gold futures for December delivery climbed 0.46% to USD 4,159.75. Spot silver increased by 0.45% to USD 60.07, platinum went up 2% to USD 1,666.70, and palladium rose 2.17% to USD 1,144.76.
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Key Levels to Watch
“The short-term investment case for gold remains challenged. For now, it remains a seller’s market, and we would need to see a break above USD 4,275 to become more constructive on the near-term upside,” said Chris Weston, Head of Research, Pepperstone.
“If markets begin treating rising long-end yields as a reflection of sovereign credit and fiscal risk rather than stronger economic fundamentals, gold could start to diverge positively from bond yields and the debasement trade could return with greater force,” he further added
The XAU/USD pair trades at USD 4,135, carrying a bearish near-term outlook as gold remains under the 50-day simple moving average (SMA) at USD 4,332, the 100-day SMA at USD 4,263, and the 200-day SMA situated near USD 4,530. The Relative Strength Index hovers around 40, reflecting a bearish tilt while remaining clear of oversold levels, indicating that sellers maintain the advantage without yet showing signs of exhaustion.
Looking upward, the initial resistance level is situated near USD 4,263, with the 50-day SMA at USD 4,332 following closely behind. On the downside, a solid structural floor is positioned near USD 4,000 as the primary notable support, and a drop beneath this threshold would clear the path for an extended correction.
