Gold traded higher on MCX on September 18 amid a decline in oil prices. October gold futures rose 0.21% to Rs. 1,53,309 per 10 grams, while September silver futures advanced 0.55% to Rs. 2,39,522. Meanwhile, Brent crude futures fell 1.06% to USD 103.7 per barrel. US West Texas Intermediate (WTI) edged lower by 1.08% to USD 100.8 per barrel.
24K gold rose by Rs. 154 to Rs. 1,54,420 per 10 grams, while 22K gold also advanced by Rs. 145 to Rs. 1,41,550. By city, Mumbai and Kolkata mirrored prices at Rs. 1,54,420, while Delhi was at Rs. 1,54,570 and Chennai at Rs. 1,53,590.
US gold prices inched higher on Friday as lower oil prices and a subdued US dollar offered support, while market participants kept their focus on developments in the Middle East. Spot gold was up 0.57% at USD 4,336.64 per ounce. US gold futures were up 0.14% at USD 4,405.75.
Spot silver rose 1.38% at USD 66.11, platinum gained 1.46% to USD 1,798.36 and palladium climbed 2.38% to USD 1,313.50.
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The link between gold and oil could weaken if oil corrects sharply, easing inflation and rate-hike expectations, or if extreme escalation forces the world to counter recession, or if fiscal recklessness dominates the horizon over the rate channel, said Ahmad Assiri, research strategist at Pepperstone.
Goldman Sachs kept its end-2027 gold price forecast at USD 5,400 despite the Fed rate increase, saying tighter policy is likely to slow bullion's rally but not derail it.
On MCX, gold has support at Rs. 1,51,650 and Rs. 1,50,500 and resistance at Rs. 1,53,800 and Rs. 1,55,000, while silver has support at Rs. 2,36,000 and Rs. 2,33,300, and resistance at Rs. 2,40,400 and Rs. 2,43,000.