Gold prices opened cautiously on Friday, September 26, as global bullion markets weakened amid the rise of the US dollar. On the Multi Commodity Exchange (MCX), gold for December delivery opened marginally lower but continued to trade above the Rs. 1.13 lakh mark per 10 grams.
MCX gold futures for December opened at Rs. 1,13,795 per 10 grams, down 0.06% from the previous close of Rs. 1,13,871. Prices later traded near Rs. 1,13,900, a decline of Rs. 29 or 0.03%.
Silver futures also mirrored the weakness, with contracts slipping 0.19% to Rs. 1,36,802 per kg, extending a 0.2% decline seen at the open.
Gold prices in Mumbai moved higher on Friday, with 24-carat gold trading at Rs. 11,488 per gram and Rs. 1,14,880 per 10 grams, an increase of Rs. 44 and Rs. 440 from the previous session.
Similarly, 22-carat gold in the city rose to Rs. 10,530 per gram and Rs. 1,05,300 per 10 grams, up by Rs. 40 and Rs. 400.
Chennai also recorded an uptick in bullion rates. The price of 24-carat gold climbed to Rs. 11,509 per gram and Rs. 1,15,090 per 10 grams, higher by Rs. 43 and Rs. 430 compared to Thursday.
Meanwhile, 22-carat gold advanced to Rs. 10,550 per gram and Rs. 1,05,500 per 10 grams, reflecting gains of Rs. 40 and Rs. 400.
Globally, spot gold slipped 0.2% to $3,741.21 per ounce, while US gold futures were flat at $3,771.30. Silver was down 0.6% to $44.96 per ounce, though platinum and palladium advanced, heading for weekly gains.
The US dollar index held near a three-week high, weighing on bullion as stronger economic data tempered expectations of aggressive Federal Reserve rate cuts. Investors are now awaiting the US PCE inflation data, the Fed’s preferred gauge, which could set the tone for interest rate expectations.
Analysts suggest near-term support for gold lies at $3,715-$3,685 internationally and Rs. 1,12,000-Rs. 1,11,580 on MCX. Resistance is pegged at $3,775-$3,790 globally and Rs. 1,13,250-Rs. 1,13,700 domestically.
Silver, meanwhile, has support at Rs. 1,36,450-Rs. 1,35,750 and resistance at Rs. 1,37,850-Rs. 1,38,600.
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While international markets slipped, domestic prices in Mumbai and Chennai ticked higher on Friday. With MCX gold holding steady above Rs. 1.13 lakh per 10 grams and festive demand expected to pick up, traders are likely to stay focused on US inflation data and tariff developments for the next directional cue.