Gold edged higher on MCX on Tuesday as oil prices stayed elevated and global uncertainty persisted. Silver's July futures jumped 1.29% to Rs. 2,81,898 per kg.
Brent crude futures were up 0.90% to $105.2 a barrel. US West Texas Intermediate (WTI) gained 1.03% to $99.08 a barrel.
24K gold rose by Rs. 54 to Rs. 1,53,980 per 10 grams. 22K gold advanced by Rs. 50 to Rs. 1,41,150. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,53,980, while Delhi was at Rs. 1,54,130, and Chennai at Rs. 1,56,330.
US gold climbed on Tuesday. Investors are watching two things: the Trump-Xi meeting and the West Asia conflict.
Spot gold rose 0.5% to $4,757.59 per ounce.
Spot silver rose 0.2% to $86.27 per ounce. Platinum slid 0.2% to $2,127. Palladium was down 0.2% at $1,506.34.
Also Read: Bitcoin ETFs Gain Safe-Haven Edge as Gold Funds Lose Ground
“MCX gold rate is in the Rs. 1,48,000 to Rs. 1,55,000 per 10 gm range. Breaking above the Rs. 1,55,000 hurdle, the precious metal may try to test the Rs. 1,60,000 per 10 gm level in the near term. In the international market, the COMEX gold has immediate support placed at $4,680/oz. If the yellow metal sustains above this support, we can expect the COMEX gold rate to touch $4,750 and $4,800/oz soon,” said Anuj Gupta, a SEBI-registered market expert.
The XAU/USD pair shows resilience below the 100-period Simple Moving Average (SMA) on the 4-hour chart.
Resistance sits at $4,742, the 61.8% Fib level, with $4,807 and the $4,890 swing high above that.
Support is at $4,696, the 50% retracement, then $4,671 below that.