Gold traded higher on MCX on October 1 as reports surfaced regarding newly developing tensions between the US and Iran, even though the pair held their initial known indirect negotiations the previous week. October gold futures increased by 0.67% to reach Rs. 1,47,090 per 10 grams, whereas September silver futures climbed 0.98% to Rs. 2,25,891.
At the same time, Brent crude futures declined by 1.22% to settle at USD 96.83 per barrel, and US West Texas Intermediate (WTI) slipped 1.40% to USD 89.15 per barrel.
Domestic Gold Prices
24K gold increased by Rs. 33 to Rs. 1,49,240 per 10 grams, and 22K climbed by Rs. 30 to Rs. 1,36,800. Looking at regional rates, Mumbai and Kolkata both recorded prices at Rs. 1,49,240, while Delhi stood at Rs. 1,49,390 and Chennai reached Rs. 1,49,240.
US Gold Prices
US gold prices advanced as market participants monitored upcoming US employment reports to forecast the Federal Reserve’s subsequent monetary actions. Spot gold moved up 0.38% to USD 4,172.20 per ounce, and US gold futures grew by 0.36% to USD 4,201.76.
Additionally, spot silver increased 1.09% to USD 61.09 per ounce, platinum advanced 0.18% to USD 1,720.52, and palladium rose 0.28% to USD 1,210.33.
Also Read: India Gold Imports Could Hit USD 90B as Kotak Warns on CAD Risk
Key Levels to Watch
“The PCE data gave gold some lift, but that move faded due to the relentless rise in yields. Incoming data is going to be important to watch to see how the market deals with it and shapes rate hike expectations,” said Ilya Spivak, head of global macro at Tastylive.
“We are in a situation where the market is dealing with a lot of conflicting forces.”
On the daily chart, XAU/USD changes hands at USD 4,172, staying under all primary moving averages to maintain a bearish near-term outlook. Gold faces a heavy resistance zone created by the 100-day simple moving average (SMA) at USD 4,282.90 alongside a descending trend-line barrier at USD 4,305.45, while the 21-day SMA at USD 4,308.54 and the 50-day SMA at USD 4,324.57 add further overhead pressure.
The 14-day Relative Strength Index sits near 40, pointing to weakening upward momentum following the recent correction away from peak levels. For support on the lower side, prices align with a rising trend-line base close to USD 3,999, which may serve as a defense point for buyers looking to protect the wider uptrend.
