Gold traded slightly higher on MCX on September 23 as oil prices continued to decline over the past few sessions, which reduced expectations of further interest-rate hikes by the Federal Reserve. October gold futures rose 0.05% to Rs. 1,52,795 per 10 grams, while September silver futures advanced 0.47% to Rs. 2,41,025.
Meanwhile, Brent crude futures fell 1.10% to USD 98.16 per barrel. US West Texas Intermediate (WTI) edged lower by 1.67% to USD 89.01 per barrel.
24K gold rose by Rs. 87 to Rs. 1,54,200 per 10 grams, while 22K gold also advanced by Rs. 80 to Rs. 1,41,350. By city, Mumbai and Kolkata mirrored prices at Rs. 1,54,200, while Delhi was at Rs. 1,54,350 and Chennai at Rs. 1,54,200.
US gold prices fell on Tuesday, pressured by hawkish signals from Federal Reserve policymakers that reinforced expectations of higher interest rates for longer.
Spot gold declined 0.32% at USD 4,344.51 per ounce. US gold futures rose 0.12% at USD 4,381.55. Spot silver fell by 0.49% to USD 66.68 per ounce while platinum dipped 0.89% to USD 1,819.12 and palladium declined 0.68% at USD 1,303.40 per ounce.
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Standard Chartered highlighted firm demand, while Goldman Sachs retained its end-2027 gold forecast at USD 5,400 per ounce, noting tighter policy may slow the rally rather than derail the longer-term trend.
Goldman Sachs also warned that three additional rate hikes could push gold toward USD 4,070 before recovering toward USD 4,200 by end-2026 as central-bank purchases continue.
On the daily chart, XAU/USD trades close to USD 4,345, hovering between the clustered 50-day and 100-day simple moving averages (SMAs) at USD 4,307.31 and USD 4,313.57 and immediate upside pressure around USD 4,390, making the near-term bias neutral.
On the downside, immediate support is seen at the short- and medium-term SMAs around USD 4,313-USD 4,307, ahead of the rising trend-line base near USD 3,999, which marks the deeper bullish structure if selling extends. On the higher side, a daily close above USD 4,390 would be needed for the bulls to regain control.