The Commodity markets will remain closed today in the morning session on account of Maharashtra Day. The trading will resume for the evening session at 5 pm. Gold prices continue to rise as Brent crude trades above $110.
Gold had declined around 13% since the start of the Middle East war in late February, as traders bet that central banks would need to keep borrowing costs higher to control the inflationary impact.
"In the Asian session, the market is going to be quite thin because of public holidays, so we're really at a bit of a crossroads, or at least waiting for the next catalyst to make more of a directional move," said Kyle Rodda, a senior financial market analyst at Capital.com.
24K gold declined by Rs. 38 to Rs. 1,52,350 per 10 grams. 22K gold fell by Rs. 35 to Rs. 1,39,650. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,52,350, while Delhi was at Rs. 1,52,500, and Chennai at Rs. 1,53,280.
US gold held steady on Friday, but was on course for a weekly decline as higher oil prices fueled inflation concerns and clouded the interest rate outlook.
Spot gold remained unchanged at $4,622.41 per ounce, after rising over 2% in the previous session.
Spot silver rose 0.8% to $74.34 per ounce, platinum gained 0.1% to $1,987.55, and palladium was up 0.3% at $1,528.39.
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"Given the current levels, I do not expect gold prices to rise materially in the near term. The kind of appreciation gold has seen over the past year leaves room for a correction. Geopolitical risks also appear to be cooling, although they remain unpredictable in the current environment. From here, I expect gold prices to stay around the current range, with a possible variation of plus or minus 5% over the next two to three months, without any major movement," Rajeev Sharan, Head of Research, Brickwork Ratings.
Gold’s strength above $4,600 and the 100-hour Simple Moving Average (SMA) show some short-covering. The following move up stalled ahead of $4,650, near the 38.2% Fibonacci retracement level.
Meanwhile, the Relative Strength Index (RSI) at 58.33 suggests firm but not overbought momentum, while the Moving Average Convergence Divergence (MACD) indicator remains marginally negative.
Momentum indicators hint that bullish attempts are tentative despite the price holding over the short-term trend reference.
Hence, it will be sensible to wait for a sustained break above $4,650 before positioning for an extension. The 50% retracement at $4,696.20 could act as the next hurdle if the rally accelerates.
On the downside, immediate support is seen at $4,623.78, and a break below this would expose $4,595.49.