Gold traded higher on MCX on September 30 amid ongoing geopolitical uncertainty between the US and Iran. October gold futures rose 0.79% to Rs. 1,49,999 per 10 grams, while September silver futures advanced 0.22% to Rs. 2,25,947.
Meanwhile, Brent crude futures rose 0.45% to USD 103 per barrel. US West Texas Intermediate (WTI) edged higher by 0.09% to USD 89.46 per barrel.
24K gold rose by Rs. 77 to Rs. 1,49,570 per 10 grams, while 22K also advanced by Rs. 70 to Rs. 1,37,100. By city, Mumbai and Kolkata mirrored prices at Rs. 1,49,570, while Delhi was at Rs. 1,48,940 and Chennai at Rs. 1,49,570.
US gold prices were headed for a monthly loss as expectations of higher interest rates weighed on sentiment, while investors awaited US inflation data for clues on the Federal Reserve’s next policy move. Spot gold fell 0.03% to USD 4,181.03 per ounce. US gold futures rose 0.81% to USD 4,213.50.
Spot silver fell 0.50% to USD 61.17 per ounce, platinum was down 0.28% at USD 1,708.95 and palladium remained flat at USD 1,225.07.
Also Read: India Gold Imports Could Hit USD 90B as Kotak Warns on CAD Risk
According to CME Group’s FedWatch Tool, markets are now pricing in a 47% chance of a Fed rate hike in October, down sharply from just over 70% seen a day ago. This comes after New York Fed President John Williams said that Fed policymakers may only need to deliver one more hike this year to get inflation back on track to the central bank's 2% target.
XAU/USD trades at USD 4,175, extending its decline below all the major simple moving averages and keeping a bearish near-term bias. The 21-day SMA at USD 4,320, the 50-day SMA at USD 4,322, the 100-day SMA at USD 4,288 and the 200-day SMA at USD 4,538 all sit above as dynamic resistance.
The Relative Strength Index (14) around 40 hovers below neutral territory, suggesting continued bearish momentum. On the upside, immediate resistance aligns with the descending trend line coming in near USD 4,312.54, ahead of a dense cluster formed by the short- and medium-term SMAs. On the downside, the key support remains at USD 4,000.