On October 9, gold traded in positive territory on the MCX following an announcement from US President Donald Trump that the United States would refrain from attacking Iran prior to the midterm elections. Concurrently, December gold futures increased by 0.96% to reach Rs. 1,51,052 per 10 grams, while December silver futures climbed 1.44% to settle at Rs. 2,24,431.
Brent crude futures dropped 1.47% to USD 102.8 per barrel. Meanwhile, US West Texas Intermediate (WTI) fell 1.32% to USD 90.28 per barrel.
Domestic Gold Prices
24K gold increased by Rs. 114 to Rs. 1,50,710 per 10 grams, and 22K gold rose by Rs. 105 to Rs. 1,38,150. Across different cities, Mumbai and Kolkata recorded prices matching Rs. 1,50,710, whereas Delhi stood at Rs. 1,50,860 and Chennai at Rs. 1,50,710.
US Gold Prices
US gold prices climbed more than 1% on Friday, bolstered by a weaker US dollar, decreasing Treasury yields, and reduced oil prices as market participants awaited guidance on interest rates from the Federal Reserve. Spot gold advanced 1.1% to USD 4,177.44 per ounce, and US gold futures rose 1.09% to USD 4,202.01. Additionally, spot silver increased 1.69% to USD 60.18, platinum moved up 1.95% to USD 1,675.76, and palladium grew by 2.56% to USD 1,155.60.
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Key Levels to Watch
Throughout the year, gold prices on the daily chart have followed a triangle pattern. After establishing a low of USD 4,066 on October 7, 2026, prices bounced back in the direction of the USD 4,180 range.
A decisive move past the USD 4,330 threshold is required to clear a path toward a rally to the USD 4,530 region. Surpassing USD 4,530 is expected to validate a breakout and drive prices upward toward USD 5,000.
“Possible tightening later on could keep gold at risk… Looking ahead, traders will watch upcoming economic data that could provide further monetary policy clues and influence sentiment ahead of the Federal Reserve’s October meeting,” stated Tony Sage, CEO of Critical Metals.
“Softer numbers or guidance could push yields to the downside and support gold,” he added.
On the 4-hour chart, gold continues to consolidate within a range of USD 4,100 to USD 4,300, and a breakout from either boundary will likely dictate the upcoming direction. For the upside, immediate resistance is found at the 100-day simple moving average near USD 4,259, with the 50-day simple moving average following at USD 4,334.80. On the downside, the primary support level sits near the rising trendline around USD 4,000.
