Gold traded higher on MCX on August 11 amid positive global sentiment and a decline in the US dollar. August gold futures rose 1.11% to Rs. 1,54,800, and September silver futures advanced 0.84% to Rs. 2,38,849. Meanwhile, Brent crude futures fell 0.10% to $87.63 per barrel. US West Texas Intermediate (WTI) edged lower by 0.06% to $82.08 per barrel.
24K gold rose by Rs. 316 to Rs. 1,55,130 per 10 grams, while 22K gold also advanced by Rs. 290 to Rs. 1,42,200 per 10 grams. By city, Mumbai and Kolkata mirrored prices at Rs. 1,55,130, while Delhi was at Rs. 1,55,280, and Chennai at Rs. 1,55,460.
US gold prices rose for a third straight session on Tuesday to its highest in more than two months, while investors focused on upcoming inflation data for clues on the US interest-rate outlook.
Spot gold climbed 1% to $4,432.74 per ounce, while US gold futures rose 1.7% to $4,492.60.
Spot silver rose 0.9% to $66.30 per ounce, platinum gained 0.7% to $1,765.26 and palladium climbed 0.8% to $1,394.
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"If the data continue to point towards a cooling economy without a meaningful resurgence in inflation, markets could further reduce expectations for tighter policy. That would likely leave the dollar vulnerable and provide another supportive backdrop for gold," Fawad Razaqzada, a market analyst at Forex.com, said in a note.
Technically, MCX gold is expected to trade in the Rs. 1,50,000-1,54,000 range in the near term.
Immediate resistance zone near Rs. 1,54,500, and a sustained breakout above this level could trigger a rally towards Rs. 1,58,000. On the downside, Rs. 1,51,000 remains the immediate support, while Rs. 1,47,600 is the major support zone.